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The outlook is bullish for Kalyan Jewellers India. The stock has begun the week on a positive not by rising over 4 per cent on Monday. This rise marks the end of the short-term correction that was in place since the last week of September. It also indicates that the broader uptrend has resumed. Support is in the ₹725-₹720 region where the 21-day moving average is also poised. Below that ₹700-₹690 is the next important support zone.
Kalyan Jewellers India share price can rise to ₹850 in the coming weeks. Traders can go long now at ₹751. Accumulate on dips at ₹730. Keep the stop-loss at ₹695 initially. Trail the stop-loss up to ₹765 as soon as the stock goes up to ₹780. Move the stop-loss further up to ₹795 when the price touches ₹810. Exit the long positions at ₹840.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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