Nykaa dropped 4% after early investors sold ₹1,210 crore worth of shares via block deal. Analyst Mayank Singh Chandel warns of poor RoE, high P/E of 879, and falling FII interest. Technically, the stock is above its 200-day EMA and forming a base, he said. A breakout above ₹225-260 could signal upside, but weak fundamentals call for caution, he added.