Kalyan Jewellers’ share price has been on a strong uptrend over the last few sessions. Kalyan Jewellers India share price jumped nearly 12% to an intraday high of ₹531.80 in intraday trade on the BSE on Monday, 13 July, rising for the fourth consecutive session. In just four sessions, the jewellery stock has soared 50%, while on a monthly scale, the stock has jumped over 36% in July so far after a 9% rise in June.
Kalyan Jewellers shares hit their 52-week low of ₹327.15 on 11 June this year. At the current juncture, they are up nearly 62% from their 52-week lows. Meanwhile, it is still over 14% down from its 52-week high of ₹617.30, scaled on 24 July last year.
Why is Kalyan Jewellers share price rising?
Shares of the company have been rising after the Q1 business update. In an exchange filing on 7 July, the company said the April-June quarter was a very satisfying one, as its consolidated revenue grew by approximately 38% year-on-year (YoY). The company further said that its international operations recorded revenue growth of approximately 35% YoY for the June quarter.
The stock, however, crashed 7% on 7 July, but reversed the trend from the next session onwards after positive reviews of the stock.
Experts point out that the stock’s low valuations compared to its peers and its prolonged underperformance have made it an attractive bet.
Global financial firm Citi has maintained its constructive long-term view on the stock. It expects Kalyan Jewellers’ franchise-led expansion strategy to continue supporting profitable growth while improving return on capital employed (RoCE).
The brokerage firm reiterated its ‘buy’ rating on Kalyan Jewellers shares and maintained a target price of ₹750 per share.
Is there more steam left?
As per Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Kalyan Jewellers has staged a strong breakout after spending several months in a consolidation phase.
On the weekly chart, the stock has decisively moved above the Ichimoku Cloud, indicating a shift from a neutral to a bullish trend. It has also reclaimed both the 20-week and 50-week EMAs, reinforcing positive price momentum.
Patel added that the MACD has generated a fresh bullish crossover above the zero line, signalling strengthening upside momentum. Meanwhile, the sharp rise in the cumulative volume delta (CVD) suggests aggressive buying interest, confirming institutional participation in the recent rally. The breakout is accompanied by robust volumes, adding credibility to the move.
“As long as the stock sustains above the ₹490–500 support zone, the bullish structure is expected to remain intact. On the upside, ₹560 is the immediate resistance, while a sustained move above this level could pave the way for ₹600–620 in the medium term. Overall, the technical setup remains constructive with a positive bias,” said Patel.
Hitesh Tailor, a technical research analyst at Choice Broking, underscored that Kalyan Jewellers India continues to maintain a constructive long-term technical structure after witnessing a strong rebound from the 200-week EMA, which acted as a major accumulation zone and laid the foundation for the current recovery.
The stock is above its key long-term moving averages, reflecting improving market sentiment. A notable spike in trading volumes further indicates renewed investor participation and strengthens the possibility of sustained upward momentum.
“The technical setup remains favourable as long as the stock continues to sustain above its key weekly support levels, with price action indicating a gradual improvement in long-term trend strength,” Tailor said.
As per Tailor, on the upside, the ₹540– ₹550 zone remains an important resistance area, and a decisive breakout with sustained trading above this range could pave the way for the stock to move towards the ₹620 zone. On the downside, the ₹440– ₹450 region, which is closely aligned with the 50-week EMA, is expected to act as a crucial support area.
The MACD remains in positive territory, with the MACD line trading above the signal line, indicating strengthening bullish momentum and improving trend continuation. The RSI is around 65, holding above the neutral 50 mark with a positive slope, suggesting strengthening buying interest while still leaving room for further upside without entering an overbought zone, Tailor added.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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