Kalyan Jewellers Sees Sharp Open Interest Surge Amid Bullish Market Positioning

Open Interest Spike and Volume Dynamics

On 7 January 2026, Kalyan Jewellers (symbol: KALYANKJIL) recorded a notable increase in open interest (OI) in its futures and options contracts. The latest OI stood at 46,899 contracts, up by 8,415 contracts or 21.87% from the previous figure of 38,484. This sharp rise in OI is accompanied by a robust trading volume of 98,820 contracts, indicating heightened participation from market participants.

The futures value traded was approximately ₹73,270 lakhs, while the options segment saw an astronomical notional value of ₹55,198.6 crores, culminating in a total derivatives turnover of ₹85,881.2 lakhs. Such elevated activity underscores the growing interest in Kalyan Jewellers’ derivatives, reflecting both speculative and hedging strategies.

Price Performance and Moving Averages

The underlying stock price has been resilient, trading at ₹520 with an intraday high touching ₹535, marking a 6.97% gain on the day. The weighted average price suggests that a significant volume was traded closer to the lower price range, hinting at some profit booking or cautious accumulation.

Importantly, Kalyan Jewellers is trading above its key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a sustained uptrend. This technical strength aligns with the sector’s positive momentum, as the Diamond & Gold Jewellery segment gained 4.12% on the same day.

Sector and Market Context

The stock’s 1-day return of 4.07% closely mirrors the sector’s 4.13% gain, outperforming the broader Sensex which declined by 0.30%. This relative strength highlights Kalyan Jewellers’ appeal amid a mixed market environment. The company’s market capitalisation stands at ₹52,015 crores, categorising it as a mid-cap stock with a Market Cap Grade of 2.

Investor participation has also been on the rise, with delivery volumes reaching 9.81 lakh shares on 6 January, a 17.67% increase over the 5-day average delivery volume. This suggests that more investors are holding shares for the longer term, reinforcing confidence in the company’s fundamentals.

Market Positioning and Directional Bets

The surge in open interest, combined with rising volumes and price strength, points to a shift in market positioning. Traders appear to be building fresh long positions, anticipating further upside in Kalyan Jewellers’ shares. The 21.87% increase in OI is a strong indicator that new money is entering the market rather than existing positions being squared off.

Moreover, the stock’s Mojo Score has improved to 50.0, upgrading its Mojo Grade from Sell to Hold as of 8 December 2025. This upgrade reflects a more balanced outlook, with neither strong bullish nor bearish conviction prevailing. The company’s fundamentals remain stable, but investors are advised to monitor sector trends and gold price movements closely, as these factors heavily influence jewellery stocks.

Liquidity and Trading Considerations

Kalyan Jewellers exhibits sufficient liquidity, with the stock’s average traded value supporting trade sizes up to ₹1.74 crores based on 2% of the 5-day average traded value. This liquidity facilitates smooth execution of large trades without significant price impact, making it attractive for institutional investors and active traders alike.

However, the weighted average price being closer to the day’s low suggests some profit-taking or cautious sentiment among participants. Investors should watch for confirmation of sustained buying interest in the coming sessions to validate the current bullish positioning.

Outlook and Investor Takeaways

In summary, the sharp increase in open interest and volume in Kalyan Jewellers’ derivatives signals growing investor conviction and a potential directional bias towards the upside. The stock’s technical strength, sector outperformance, and rising delivery volumes support a cautiously optimistic stance.

Nonetheless, investors should remain vigilant of broader market volatility and gold price fluctuations, which can materially impact jewellery stocks. The current Mojo Grade of Hold suggests a wait-and-watch approach for retail investors, while more aggressive traders may consider tactical long positions aligned with the ongoing trend.

Given the mid-cap status and moderate Market Cap Grade of 2, Kalyan Jewellers offers a blend of growth potential and risk, suitable for investors with a balanced risk appetite.

Key Metrics at a Glance:

• Open Interest: 46,899 contracts (up 21.87%)


• Trading Volume: 98,820 contracts


• Futures Value: ₹73,270 lakhs


• Options Value: ₹55,198.6 crores


• Stock Price: ₹520 (Intraday high ₹535)


• 1-Day Return: 4.07% (Sector: 4.13%, Sensex: -0.30%)


• Delivery Volume (6 Jan): 9.81 lakh shares (+17.67%)


• Mojo Score: 50.0 (Grade upgraded to Hold from Sell)


• Market Cap: ₹52,015 crores (Mid Cap)

Investors should continue to monitor open interest trends and volume patterns as key indicators of market sentiment and potential price direction in Kalyan Jewellers India Ltd.

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