NYKAA - Cup with handle pattern

📈 Pattern Analysis: Nykaa recently completed a "Cup-with-Handle Breakout", which is a strong bullish continuation pattern. However, the breakout targets have not yet been achieved. In the past few sessions, the stock has witnessed selling pressure, forming a double-top bearish pattern on the chart.

📊 Key Levels & Structure: The price is currently in a corrective phase and may move lower to retest the breakout zone of the cup-with-handle pattern. This zone is expected to act as a strong support level and could provide a fresh opportunity for accumulation if the structure holds.

🔎 Momentum Indicators:

1. RSI has cooled off from overbought levels, creating room for the next leg of upside.
   
2. Volumes during the recent dip are lower compared to the breakout volumes, suggesting the decline is corrective rather than a trend reversal.
   

🎯 Projection & Outlook:
A successful retest of the breakout zone could resume the uptrend with upside targets around ₹ .... levels in the medium term. Failure to hold the support could, however, lead to extended consolidation.

⚠️ Disclaimer:
This is a technical projection, not an investment recommendation. Traders should manage risk carefully and align strategies with their financial objectives.