Kalyan Jewellers tanks 14%, down 27% in 9 straight days; analyst says this

Aakash Shah, Technical Research Analyst at Choice Equity Broking believes that the bias for Kalyan Jewellers stock is likely to remain bearish as long as the stock trades below ₹440 - ₹450 zone.

Kalyan Jewellers stock tumbled up to 13.9 per cent in Wednesday's intra-day trade to a low of ₹389.10 on the NSE as selling accentuated at the counter, following back-to-back losses in the last nine trading sessions.  The stock has shed up to 27.3 per cent in the last nine trading sessions from a high of ₹535 hit on January 7, 2025, shows historic NSE data.  At 1 PM on Wednesday, Kalyan Jewellers stock had recouped partly from the day's low, but still traded 10 per cent lower at ₹405. The counter saw trades of around 27.47 million shares on the NSE. In comparison, the Nifty 50 had recovered smartly from the day's low of 24,920, and quoted with a gain of 0.2 per cent at 25,275 levels.  Kalyan Jewellers is scheduled to announce its Q3 results on February 6, 2026.    On the technical chart, today's breakdown is visible in the form of a large bearish candle accompanied by expanded volume, suggesting panic selling or aggressive unwinding, says Aakash Shah, Technical Research Analyst at Choice Equity Broking. 

Here's a look at Kalyan Jewellers stock chart:

 

 

    The analyst says that amid the 9-day fall, Kalyan Jewellers stock shows strong bearish momentum and sustained distribution.  "On the daily chart, stock price has broken decisively below all key moving averages (20, 50, 100 & 200 EMA), confirming a well-established downtrend. The EMAs are stacked bearishly and sloping downward, indicating continued selling pressure and absence of short-term trend support," explains Aakash Shah.  The lack of any immediate fundamental trigger further reinforces the technical nature of this move, pointing toward strong institutional selling activity, adds Shah. He cautions against further fall, if the immediate support zone gets violated.  "The ₹390 - ₹380 area may provide a temporary pause or technical bounce; however, no reversal confirmation is visible yet. A sustained breakdown below this zone could open the doors for further downside toward lower demand areas," says Shah.  The analyst believes that structurally, the stock has broken below its prior consolidation base near ₹440 – ₹450, which now is likely to act as a strong overhead supply zone. As long as price remains below this level, the broader trend bias stays bearish and any bounce should be viewed as a corrective move rather than a trend reversal, the analyst said.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.