Technical Trend Overview and Price Movement
The stock closed at ₹402.15 on 24 Feb 2026, slightly up from the previous close of ₹401.05. Intraday volatility was contained within a range of ₹399.15 to ₹407.65. Over the past 52 weeks, Kalyan Jewellers has traded between ₹347.65 and ₹617.30, indicating significant price swings and a wide trading band. The current price remains closer to the lower end of this range, suggesting potential room for recovery or further downside depending on market catalysts.
Comparing returns with the Sensex reveals a mixed performance. Over the last week, the stock declined by 5.76% while the Sensex was nearly flat, up 0.02%. However, over the past month, Kalyan Jewellers outperformed with a 9.44% gain against the Sensex’s 2.15%. Year-to-date and one-year returns remain negative at -17.18% and -17.05% respectively, contrasting with the Sensex’s positive 10.60% annual return. Longer-term, the stock has delivered a robust 240.08% return over three years, far outpacing the Sensex’s 39.74% in the same period.
MACD and Momentum Indicators Signal Divergence
The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD remains bearish, signalling that downward momentum still dominates in the short term. Conversely, the monthly MACD has improved to a mildly bearish stance, suggesting that longer-term selling pressure is easing but not yet reversed. This divergence between weekly and monthly MACD readings indicates a potential transitional phase where the stock could be preparing for a more sustained uptrend if momentum continues to improve.
The KST (Know Sure Thing) indicator aligns with this view, showing bearish momentum on the weekly chart but only mildly bearish on the monthly timeframe. This further supports the notion of a technical bottoming process underway, albeit with caution warranted given the prevailing bearish undertones.
RSI and Moving Averages: Conflicting Signals
The Relative Strength Index (RSI) offers a more optimistic signal on the weekly chart, registering a bullish reading. This suggests that recent price action has gained positive momentum and that the stock may be emerging from oversold conditions. However, the monthly RSI remains neutral with no clear signal, indicating that longer-term momentum has yet to decisively shift.
Moving averages on the daily timeframe continue to reflect a bearish trend, with the stock trading below key averages. This indicates that despite short-term strength, the overall trend remains under pressure. The Bollinger Bands on both weekly and monthly charts are mildly bearish, implying that price volatility is subdued but skewed towards the downside.
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Volume and Trend Confirmation Indicators
On-Balance Volume (OBV) readings for both weekly and monthly periods show no clear trend, indicating that volume is not currently confirming price movements. This lack of volume confirmation suggests that any price advances or declines may lack conviction, making it essential for investors to watch for volume spikes that could validate a breakout or breakdown.
Dow Theory assessments provide a mildly bullish signal on the weekly timeframe, hinting at potential accumulation phases or early trend reversals. However, the monthly Dow Theory shows no definitive trend, reinforcing the mixed technical landscape.
Mojo Score and Market Capitalisation Insights
Kalyan Jewellers holds a Mojo Score of 55.0, reflecting a Hold rating, upgraded from a Sell on 19 Jan 2026. This upgrade signals improving technical and fundamental conditions, though the score remains moderate, indicating cautious optimism. The company’s market capitalisation grade is 2, placing it in the mid-cap category within the Gems, Jewellery And Watches sector. This positioning suggests a balance between growth potential and risk, with the stock’s technical indicators currently guiding a watchful stance.
Investors should note the sector context, where jewellery stocks often face volatility linked to gold prices, consumer demand, and festive season trends. Kalyan Jewellers’ recent technical shifts may reflect these broader sector dynamics as well as company-specific factors.
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Investor Takeaway: Navigating Mixed Signals
For investors analysing Kalyan Jewellers, the current technical landscape demands a balanced approach. The weekly bullish RSI and mildly bullish Dow Theory readings offer hope for a short-term rebound, while the persistent bearish MACD and moving averages counsel caution. The stock’s recent upgrade from Sell to Hold by MarketsMOJO reflects this nuanced view, recognising improving momentum but acknowledging ongoing risks.
Given the stock’s underperformance relative to the Sensex over the year-to-date and one-year periods, investors should weigh the potential for recovery against the possibility of further consolidation or decline. The absence of volume confirmation and the mildly bearish Bollinger Bands suggest that any upward moves need to be validated by stronger market participation.
Long-term investors may find the three-year return of 240.08% encouraging, indicating that Kalyan Jewellers has delivered substantial value over time despite recent volatility. However, short-term traders should monitor key technical levels and indicator crossovers closely to capitalise on emerging momentum shifts.
Sector and Market Context
The Gems, Jewellery And Watches sector remains sensitive to macroeconomic factors such as gold price fluctuations, consumer sentiment, and regulatory changes. Kalyan Jewellers’ technical signals should therefore be interpreted within this broader context. The company’s mid-cap status and moderate Mojo Grade of Hold suggest it is positioned for potential growth but requires careful timing and risk management.
In summary, Kalyan Jewellers India Ltd is at a technical crossroads. The shift from bearish to mildly bearish momentum, combined with mixed indicator signals, points to a period of consolidation with the possibility of a nascent uptrend. Investors should remain vigilant, using technical indicators alongside fundamental analysis to guide their decisions in this evolving landscape.
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