Nykaa down 50% from highs, good buy on dips stockNykaa is one of India's leading specialty beauty and personal care companies and also forayed into the fashion segment, which is now a significant part of the Nykaa business.
It has acquired 6.6 million new customers this year .
Nykaa is working on faster delivery of packages to the customers by opening new regional warehouses, making investments in rolling out new stores, and also spending heaving on customer acquisition marketing.
Nykaa is also invetsing in new business like EB2B business as Nykaa Man.
Coming to technicals
The Current price of NYKAA is Rs. 1401.45.
Nykaa has fallen approx 50% from its all-time high, but still manages to trade above its IPO price
The stock took support near 1219 levels once in Feb 2022 and in May 2022 making it a double bottom formation.
Double bottom - Forms at the bottom and indicates the end of the falling price.
Stock is holding comfortably above 1200 levels and any dips towards it can be an opportunity to go long in the stock.
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