Nykaa share can go up to ₹ 195, there is a rush to buy, IPO came at ₹ 1125.

It seems like the stock market was quite volatile on Friday, with investors closely following FSN E-Commerce Ventures Limited's shares, the parent company of popular e-commerce platform Nykaa. The shares reportedly rose by 3.74 percent, reaching a high of Rs 170.45. It's worth noting that this is still 14.51 percent lower than the share's 52-week high of Rs 195.40. Interestingly, this is also the third consecutive trading day that the market has experienced a rise.

What do experts say?

As per the experts, Nykaa shares have a strong support level at Rs 160. They also predict that the resistance level will be at Rs 170, with an expected trading range of Rs 165 to Rs 185 for the next month. Vaishali Parekh, the Vice President of Prabhudas Lilladher, recommends buying the stock for a target price of Rs 195, with a strict stop loss at Rs 158, considering the good improvement in its share price from the level of Rs 195. Nykaa's IPO was launched in 2021 with an issue price of Rs 1125. Its listing price crossed Rs 2000, but the share price fell below Rs 200 after the company gave bonus shares to its investors in a ratio of 5:1.

Wow, that's great news! Nykaa seems to be doing really well, especially in the December quarter. According to the reports, the company's profit has increased by a whopping 106 percent year-on-year to Rs 17.5 crore. It was only Rs 8.5 crore in the same period last year, which is a huge leap. It's impressive to see the company's steady growth, given that they had earned a profit of Rs 7.8 crore just a quarter ago in the September quarter.

(This is not investment advice. Before buying or selling any shares, please consult your financial advisor.)