Kalyan Jewellers Falls 1.61% Amid 52-Week Low and Heavy Put Option Activity

27 January: Stock Hits 52-Week Low Amid Continued Downtrend

On 27 January 2026, Kalyan Jewellers’ share price touched an intraday low of Rs.347.65, marking a fresh 52-week low and a 5.39% intraday decline. The stock closed at Rs.369.10, up 0.45% on the day, but the low reflected significant selling pressure. This new low capped a nearly 30% decline over the preceding 12 trading sessions, underscoring sustained downward momentum. The stock traded below all key moving averages, signalling technical weakness.

The broader market was more resilient, with the Sensex gaining 0.50% to close at 35,786.84. However, Kalyan Jewellers underperformed its sector, which declined by 0.38%, highlighting company-specific challenges amid sector headwinds. The stock’s market capitalisation remains substantial at Rs.37,945 crore, but the price action reflects investor concerns despite the company’s steady financial growth.

Heavy Put Option Activity Highlights Bearish Sentiment

Also on 27 January, Kalyan Jewellers emerged as the most active stock in put options trading, with significant volumes concentrated near the ₹360 and ₹370 strike prices. The 24 February expiry saw 2,122 contracts traded at the ₹370 strike, generating turnover of approximately ₹813.58 lakhs, while the nearer 27 January expiry recorded 2,199 contracts at the ₹360 strike with turnover of ₹217.82 lakhs.

This elevated put option activity indicates heightened bearish positioning and hedging among investors, reflecting expectations of further downside risk. The open interest data supports this view, with 2,845 contracts outstanding at the ₹370 strike for February expiry, suggesting sustained investor caution beyond the immediate term.

Technical indicators reinforce this bearish outlook, with the stock trading below all major moving averages and the weighted average price of traded volumes clustering near the day’s low. The stock’s one-day return of -0.89% lagged both the sector’s -0.11% and the Sensex’s positive 0.37% gain, emphasising relative weakness.

28-29 January: Mixed Price Movements Amid Market Strength

Following the 52-week low day, the stock saw a slight recovery on 28 January, closing at Rs.367.90, down 0.33% from the previous close, while the Sensex surged 1.12% to 36,188.16. The next day, 29 January, the stock inched up 0.18% to Rs.368.55, with the Sensex gaining a modest 0.22% to 36,266.59. These movements suggest some short-term consolidation but no clear reversal of the bearish trend.

30 January: Sharp Decline Caps Week on Negative Note

On the final trading day of the week, 30 January, Kalyan Jewellers closed at Rs.361.55, down 1.90% on the day, marking the week’s low close. This decline contrasted with the Sensex’s 0.22% fall to 36,185.03, indicating the stock’s sharper downside pressure. The volume also declined to 267,749 shares, reflecting reduced investor participation amid ongoing uncertainty.

Daily Price Comparison: Kalyan Jewellers vs Sensex

Key Takeaways

Negative Price Momentum: The stock’s 1.61% weekly decline contrasts sharply with the Sensex’s 1.62% gain, highlighting relative weakness and investor caution.

Technical Weakness: Trading below all major moving averages and hitting a 52-week low signals sustained bearish momentum without immediate support levels.

Put Option Activity: Heavy volumes and open interest in put options near current prices indicate market expectations of further downside or hedging against risk.

Fundamental Strengths Amid Price Weakness: Despite the price decline, Kalyan Jewellers maintains solid financial metrics including strong sales growth, profitability, and institutional ownership, suggesting the price may not fully reflect fundamentals.

Sector and Market Context: The Gems, Jewellery and Watches sector faces headwinds, but Kalyan Jewellers’ sharper underperformance points to company-specific challenges or reassessment of growth prospects.

Conclusion

Kalyan Jewellers India Ltd’s stock faced a challenging week, marked by a fresh 52-week low and heavy bearish positioning in the options market. The 1.61% weekly decline against a rising Sensex underscores the stock’s relative weakness amid sector pressures and technical deterioration. While the company’s financial fundamentals remain robust, the market’s cautious stance is evident in price action and option activity. Investors should monitor key support levels around Rs.360 and the evolving put option open interest for indications of potential trend shifts. The current environment suggests prudence as the stock navigates this difficult phase.

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