Key Events This Week
2 Feb: Stock opens at Rs.365.90, up 1.20% despite Sensex decline
3 Feb: Intraday high of Rs.393.75 with a 5.85% surge and strong gap up
6 Feb: Q3 FY26 results announced; stellar growth but stock faces valuation pressure
6 Feb: Week closes at Rs.379.80, up 5.05% vs Sensex +1.51%
2 February 2026: Resilient Start Amid Market Weakness
Kalyan Jewellers began the week on a positive note, closing at Rs.365.90, a gain of 1.20% despite the Sensex falling 1.03% to 35,814.09. The stock’s resilience in a broadly negative market environment highlighted underlying strength, supported by a volume of 331,138 shares. This early uptick set the tone for the week’s bullish momentum, contrasting with the broader market’s cautious stance.
3 February 2026: Gap Up and Intraday Surge Signal Strong Buying Interest
The stock opened sharply higher at Rs.378.85, reflecting a 4.21% gap up from the previous close, signalling robust market sentiment. Throughout the day, Kalyan Jewellers surged to an intraday high of Rs.393.75, marking a 7.61% increase from the prior day’s close. It settled at Rs.383.85, up 4.91% on the day, outperforming the Sensex’s 2.63% gain and the Diamond & Gold Jewellery sector’s 3.35% rise.
This strong performance was underpinned by positive technical momentum, with the stock trading above its 5-day moving average, although it remained below longer-term averages. The elevated adjusted beta of 1.31 contributed to the pronounced price swings, reflecting heightened volatility relative to the broader market.
Despite the short-term bullish signals, technical indicators presented a mixed picture, with weekly RSI bullish but other momentum measures showing mild bearishness. The stock’s ability to outperform both sector and benchmark indices on this day underscored its relative strength amid a volatile market backdrop.
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4 February 2026: Continued Gains on Moderate Volume
The stock extended its gains modestly, closing at Rs.387.15, up 0.86% on a lower volume of 184,709 shares. The Sensex also advanced by 0.37% to 36,890.21, indicating a broadly positive market mood. Kalyan Jewellers maintained its position above the short-term moving average, consolidating the gains from the previous day while showing signs of cautious investor participation.
5 February 2026: Profit Booking Leads to Price Correction
Profit-taking emerged on 5 February, with the stock retreating 2.83% to close at Rs.376.20 on a volume of 211,871 shares. This decline contrasted with the Sensex’s 0.53% fall to 36,695.11, reflecting a partial correction after the prior days’ strong rally. The pullback was consistent with the stock’s high beta profile and the mixed technical signals observed earlier in the week.
6 February 2026: Stellar Q3 Results Announced Amid Valuation Concerns
Kalyan Jewellers reported robust Q3 FY26 results, continuing its trend of strong growth. Despite the positive earnings momentum, the stock faced valuation pressures, which tempered gains. The share price recovered slightly to close at Rs.379.80, up 0.96%, while the Sensex inched up 0.10% to 36,730.20. The company’s Mojo Score remained at 53.0 with a Hold rating, reflecting a balanced outlook amid growth and valuation considerations.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-02 | Rs.365.90 | +1.20% | 35,814.09 | -1.03% |
| 2026-02-03 | Rs.383.85 | +4.91% | 36,755.96 | +2.63% |
| 2026-02-04 | Rs.387.15 | +0.86% | 36,890.21 | +0.37% |
| 2026-02-05 | Rs.376.20 | -2.83% | 36,695.11 | -0.53% |
| 2026-02-06 | Rs.379.80 | +0.96% | 36,730.20 | +0.10% |
Key Takeaways
Outperformance Amid Volatility: Kalyan Jewellers outpaced the Sensex by 3.54 percentage points over the week, reflecting strong investor interest despite broader market fluctuations.
Strong Intraday Momentum: The 3 February gap up and intraday high of Rs.393.75 demonstrated robust buying demand, supported by sector strength and positive technical signals.
Mixed Technical Indicators: While short-term momentum was positive, longer-term moving averages and momentum indicators suggested caution, highlighting the stock’s ongoing navigation through resistance levels.
Valuation Concerns Temper Gains: Despite stellar Q3 FY26 results announced on 6 February, valuation pressures moderated the stock’s advance, reflected in the modest gain on the day.
High Beta Profile: The stock’s elevated beta of 1.31 contributed to pronounced price swings, underscoring its sensitivity to market and sector dynamics.
Conclusion
Kalyan Jewellers India Ltd delivered a strong weekly performance, gaining 5.05% and outperforming the Sensex’s 1.51% rise. The week was characterised by a significant gap up and intraday surge on 3 February, driven by sector momentum and positive market sentiment. However, the stock’s technical indicators remain mixed, with short-term strength offset by longer-term resistance and valuation concerns. The robust Q3 FY26 results announced on 6 February reaffirm the company’s growth trajectory, yet the stock’s high beta and valuation considerations suggest that investors should monitor subsequent price action closely. Overall, Kalyan Jewellers demonstrated resilience and relative strength in a volatile market environment, making this week a notable chapter in its ongoing performance narrative.
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