Double bottom is a Bullish Reversal Pattern that is used in Technical analysis to see for signals of a trend shift, from a downtrend to an Uptrend. This pattern is the Opposite of the Double-top pattern.
How to Trade the Pattern:
- Breakout Entry: Once the price breaks above the neckline, traders look for a buying opportunity.
- Target Price: The expected upward move is approximately equal to the distance from the top and bottom of the pattern.
- Stop-Loss: Placed below the second bottom to limit downside risk.
NYKAA or FSN E COMMERCE VENTURES has formed a double bottom on its Daily & Weekly Chart.
The Breakout Level for the Double Bottom is Rs. 176.15, and the stock is currently trading close to the breakout level. The next resistance zone for the stock is around Rs. 188 to 192 levels. And the Nearest support level for the stock is Rs. 159.
About the Company
Nykaa, officially known as FSN E-Commerce Ventures Ltd, is a prominent Indian retail company specializing in beauty, wellness, and fashion products. Founded in 2012 by Falguni Nayar, a former managing director at Kotak Mahindra Capital Company, Nykaa has grown into one of India’s largest cosmetics and lifestyle brands.
Written By Abhishek Das
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
