FSN E-Commerce Ventures Limited (NYKAA) Stock - Complete Technical Analysis - Oct 15, 2024

Technical Analysis of FSN E-Commerce Ventures (Nykaa): Key Levels & Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

FSN E-Commerce Ventures Limited, trading at 189, has shown notable price activity in recent days, experiencing a close at 188.68, which is a significant drop of 17.89% from its 52-week high of 229.8 reached on August 23, 2024. The stock's current position also indicates a rise of 38.23% from its 52-week low of 136.5 from October 25, 2023.

Analyzing the last five trading days reveals a general downtrend, with the stock opening at 193 on October 15, 2024, and showing significant volatility as it tested the low of 185.74 during the session. The stock experienced a minor surge to a high of 195.77, indicating resistance in the 195-196 range. The closing prices have progressively declined from 198.50 on October 9 to 188.68 today, demonstrating a bearish sentiment.

Technical indicators reflect weakness; the MACD is negative, suggesting bearish momentum, while the RSI is at 37.7, indicating that the stock is nearing oversold conditions. The ADX reading of 15.17 suggests that the trend is weak, yet the volatility is present with the Average True Range (ATR) indicating fluctuations.

Key support is identified at 186.37, as per the Classic Pivot, which, if breached, may lead to further downside towards 177.12. Resistance is seen at 203.58, where the price has struggled to maintain upward movement. The recent price action reflects gaps and sudden drops, making it crucial for traders to remain cautious.

In summary, while FSN E-Commerce Ventures shows potential for recovery given its distance from the 52-week low, the current bearish trend and weak indicators suggest that traders should wait for confirmation of a reversal before considering entry points. Monitoring resistance levels will be essential in determining future price action.