Titan, Kalyan Jewellers: 5 jewellery related shares to bet ahead of Q3 nos

Jewellery stocks are likely to shine in coming months on the back of likely strong Q3 performance owing to the festive demand

Jewellery makers will be reporting earnings for the December quarter soon. The Tata-owned jewellery business firm, Titan in its quarterly business update has reported to have clocked a 37 per cent revenue growth on year-on-year (excluding sale of bullion) basis in the just concluded festive quarter.

“Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant revenue uplift for the quarter,” Titan said in its update.

Meanwhile, here's a quick chart check on some of the prominent jewellery related shares:

Titan Company Limited (TITAN)

Likely target: Rs 3,000

Upside potential: 12%

The shares of Titan Company recorded a new all-time high during Friday’s sessions with overall sentiment suggesting a robust positive bias. The medium-term support for the stock lies at Rs 2,280 levels, which is its 100-day moving average (DMA). The stock has been trading above the said moving average since May 2021 and continues to draw market players for longer investment, as per the daily chart. The current outlook reflects a rally in the direction of Rs 3,000 levels, with immediate support seen around Rs 2,450 levels. CLICK HERE FOR THE CHART

 

Kalyan Jewellers India Ltd (KALYANKJIL)

 

Likely target: Rs 82

Upside potential: 12%

A “Double Bottom” breakout at Rs 72 level exhibits a bullish trend for the Kalyan Jewellers stock. This sentiment is well supported by the technical indicator Moving Average Convergence Divergence (MACD), which has succeeded in crossing the zero line upwards highlighting momentum to support the bullish bias. The trend is heading towards Rs 82, which has become the resilient mark lately, according to the daily chart. The support for the stock exists around Rs 70 and Rs 68 marks. CLICK HERE FOR THE CHART

 

Rajesh Exports Ltd (RAJESHEXPO)

Likely target: Rs 900 and Rs 950

Upside potential: 7% to 12%

The stock has crossed the resistance of Rs 800 levels and is gearing up for the next up move, as shown in the daily chart. This scenario displays immediate support of Rs 780, which if held on the closing basis, the positive bias may see a rally towards Rs 900 and Rs 950 as an immediate basis. The next major support stands at Rs 730 levels. CLICK HERE FOR THE CHART

 

Thangamayil Jewellery limited (THANGAMAYL)

Outlook: Sideways movement

The shares of Thangamayil Jewellery trade in a sideways manner. The consolidation in the range of Rs 1,500 to Rs 1,200 levels hints at a breakout in the near future. When that happens, one can expect minimum of Rs 500 move in the stock, according to the daily set-up. The counter is likely to breakout on the upside as MACD is resilient to stay below the zero line. CLICK HERE FOR THE CHART

 

Goldiam International Ltd (GOLDIAM)

Likely target: Rs 1,000

Upside potential: 8%

The recent weakness in the overall market has seen this counter violating the 50-DMA and 100-DMA. The current stock price has overcome this weakness and successfully managed to hold both 50-DMA and 100-DMA placed at Rs 877 and Rs 874 respectively. And as long as these supports are protected, the stock may see Rs 1,000 levels, according to the daily chart. CLICK HERE FOR THE CHART