Kalyan Jewellers India Limited (KALYANKJIL) Stock - Complete Technical Analysis - Nov 08, 2024

Kalyan Jewellers Stock Analysis: Bearish Patterns, Key Support and Resistance Levels Explained

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Kalyan Jewellers India Limited (KALYANKJIL) is facing resistance at 786.25, its 52-week high, with a current price of 694.10. The stock's strong recovery, up 128.25% from the 52-week low of 304.10, has recently shown signs of bearish reversal. The Bearish Engulfing and Evening Star patterns suggest a pullback may be imminent, especially as the stock struggles to maintain momentum above key resistance levels. Despite a neutral RSI of 51.13, the negative MACD reading and an ADX of 23.73 signal that the stock is currently in a moderate trend with weakness.

Price action and moving averages suggest support is near the 690-693 range, while resistance is at 718. The increasing ATR indicates heightened volatility, and sudden price drops could occur if the stock does not manage to stay above resistance. Traders should watch for confirmation of a pullback towards the 675-690 zone. In the absence of a strong breakout, caution is advised, and any bullish positions should be monitored closely for risk of further declines.

Overall, Kalyan Jewellers may experience a short-term downward move, with the 675 level acting as critical support. A sustained break above 718 could signal a continuation of the uptrend, but a failure to hold above resistance will likely result in a price decline.