Shares of FSN E-Commerce Ventures Ltd -- Nykaa's parent -- extended their upward move for the third straight session in Friday's trade. The stock climbed 3.74 per cent to hit a day high of Rs 170.45. It was last seen trading 1.67 per cent at Rs 167.05. At this price, the scrip has fallen 14.51 per cent from its 52-week high value of Rs 195.40.
The stock saw heavy trading volume on BSE today as around 2.23 lakh shares were seen changing hands. The figure was higher than the two-week average volume of 1.85 lakh shares. Turnover on the counter came at Rs 3.75 crore, commanding a market capitalisation (m-cap) of Rs 47,737.80 crore.
Technical analysts suggested that support on the counter will be at Rs 160. And, a decisive breach above its immediate resistance zone of Rs 170 is required for further upside.
"Support will be at Rs 160 and resistance at Rs 170. A decisive close above Rs 170 level may trigger a further upside till Rs 180. The expected trading range will be between Rs 165 and Rs 185 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"Nykaa has witnessed a decent correction from Rs 195 level. We recommend buying the stock for an upside target of Rs 195, keeping a strict stop loss placed at Rs 158," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.