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The short-term outlook is bullish for Kalyan Jewellers India. The stock is getting strong support from the 200-Day Moving Average which is currently at ₹104. There is a trendline support at ₹103. So, ₹104-103 will be a strong support zone for now. Immediate resistance is at ₹109. A break above it can take the share price up the next resistance at ₹112-113. A further break above ₹113 will see the Kalyan Jewellers share price up to ₹117 over the next three-four weeks.
Traders can go long now. Accumulate on dips at ₹105. Keep the stop-loss at ₹101. Trail the stop-loss up to ₹109 as soon as the stock moves up to ₹112. Revise the stop-loss further up to ₹111 when the share price touches ₹113. Exit the longs at ₹115.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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