Shares of Kalyan Jewellers India surged more than 5 per cent on Friday, extending their gains for the second straight session. The stock jumped 7.30 per cent to hit an intraday high — also its 52-week high — of Rs 127.80 over its previous close of Rs 119.10. The scrip eventually settled 5.46 per cent higher at Rs 125.60 on BSE.
A total of Rs 13.06 lakh shares changed hands today, amounting to a turnover of Rs 16.36 crore. The company’s market capitalisation (m-cap) stood at Rs 12,937.47 crore.
At today’s closing level of Rs 125.60, Kalyan Jewellers has gained 127.54 per cent compared to its May low of Rs 55.20.
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The stock has climbed 11.30 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has gained 84.03 per cent.
Analysts largely remained ‘positive’ on the counter due the jeweller’s expansion plans. One analyst felt that Rs 110 would act as support, while another suggested that the stock looked ‘overbought’.
Osho Krishan, Senior Analyst- Technical & Derivative Research at Angel One, said, “Kalyan Jewellers has seen a significant move in the recent time. There is not much on the technical data front, but the trend seems to be positive. The immediate support is placed around the Rs 110-105-odd zone, while on the higher end, it may continue its northward journey till the mentioned support remains intact.”
Anand James, Chief Market Strategist at Geojit Financial Services, “Despite the recent steep gains, a series of continuation patterns encourage us to stay with the uptrend aiming Rs 135-150. However, a closing below Rs 119 would significantly dilute the prospects for quick upsides.”
Pavitraa Shetty from Tips2trades, said, “Due to strong expansion plans for the current year, Kalyan Jewellers stock price has zoomed to its all-time high over the past few sessions. However, the stock now is overbought and any rally up to Rs 130 should be used by investors to exit buy positions. Investors can re-enter near Rs 95-97.5 levels for a target of Rs 139 in the coming weeks.”
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Meanwhile, Indian equity benchmarks fell sharply today, taking cues from the global markets.
