The stock of Kalyan Jewellers India broke out of a key resistance at ₹108 in early December and has now advanced to ₹119. Although it saw an intraday decline on Tuesday, the price action indicates a further rally from the current level. The daily chart indicates that the scrip could see a rally on Wednesday. A fall below Tuesday’s low of ₹117.7 is less likely. On the upside, it can rally to ₹124. Considering the above factors, we suggest traders take fresh long positions on Kalyan Jewellers. Place stop-loss at ₹117. Book profits at ₹124. If the stock opens the session below ₹117, refrain from trading this stock.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)