India, Jan. 23 -- Nykaa Ltd, after a sustained upward move in recent trading sessions, has formed a triple top pattern on the 4-hour time frame, signalling possible trend exhaustion and a potential bearish reversal.

The triple top is a classic bearish reversal pattern, characterised by three peaks formed at roughly the same price level, separated by moderate pullbacks. This formation indicates that buying momentum is weakening and signals a potential shift from an uptrend to a downtrend once the price breaks below the support level.

On Thursday, the stock broke below the Rs 240 support neckline after forming a triple top pattern. This breakout, supported by sustained selling volumes, confirms near-term bearish momentum.

For a triple to...