Kalyan Jewellers Surges 10.04% Amid Record Quarterly Results and Mixed Technical Signals

09 February 2026: Strong Gap Up and Volume Surge Drive Sharp Rally

Kalyan Jewellers began the week with a remarkable gap up of 6.61%, opening at Rs.405.00 compared to the previous close of Rs.380.25. The stock surged intraday to a high of Rs.417.6, representing a 9.95% increase, and closed with a robust 9.99% gain at Rs.437.75. This performance significantly outpaced the Sensex’s 1.04% rise to 37,113.23 on the same day.

Trading volume was exceptional, with 1.39 crore shares exchanging hands, translating to a traded value of approximately ₹577.3 crores. The surge in volume and price was accompanied by a 13.43% increase in open interest in derivatives, signalling strong market participation and fresh directional bets. Despite the high volatility, the stock maintained momentum above its 5-day moving average, although it remained below longer-term averages, indicating resistance at higher levels.

Fundamentally, the company reported a very positive quarterly financial performance for December 2025, with record net sales of ₹10,343.42 crore and a PBDIT of ₹750.48 crore, reflecting operational strength amid market challenges. This earnings strength likely contributed to the positive sentiment and mojo grade upgrade from ‘Sell’ to ‘Hold’ earlier in the year.

10 February 2026: Exceptional Volume Amid Mixed Price Action and Valuation Shift

On 10 February, Kalyan Jewellers remained one of the most actively traded stocks, with nearly 1 crore shares changing hands and a traded value of approximately ₹437.5 crores. Despite this surge in volume, the stock closed slightly lower at Rs.434.05, down 0.85%, reflecting profit-booking or cautious positioning after the previous day’s sharp rally.

The stock’s valuation metrics shifted notably, with the price-to-earnings ratio rising to 38.99 and price-to-book value reaching 8.46, marking a transition from fair to expensive territory. This premium valuation suggests investors are pricing in strong future growth but also signals limited margin for error. The elevated EV/EBITDA ratio of 23.08 further underscores this expensive rating relative to sector peers.

Technical indicators remained mixed, with the stock trading above its 5-day and 20-day moving averages but below longer-term averages, indicating a consolidative phase. Delivery volumes surged dramatically by 429.93% compared to the five-day average, signalling strong investor commitment despite the price dip.

12 February 2026: Technical Momentum Shifts to Mildly Bearish Amid Mixed Signals

Kalyan Jewellers experienced a 1.72% decline on 12 February, closing at Rs.426.60. Technical momentum shifted from bearish to mildly bearish, reflecting a tentative improvement but ongoing caution. Weekly indicators such as RSI and OBV showed emerging bullish tendencies, while MACD and daily moving averages remained bearish.

The stock traded within a broad range, well below its 52-week high of Rs.617.30 but comfortably above its 52-week low of Rs.347.65. Mixed signals from Bollinger Bands, KST oscillator, and Dow Theory readings suggest the stock is navigating a transitional phase, balancing between potential recovery and resistance.

13 February 2026: Bearish Technical Momentum Despite Modest Daily Gain

On the final trading day of the week, Kalyan Jewellers closed at Rs.432.45, up 1.37% from the previous day. However, technical momentum deteriorated from mildly bearish to outright bearish, with daily moving averages turning decisively negative. The MACD indicator remained bearish on weekly and monthly charts, while RSI hovered in neutral territory, indicating no clear directional bias.

Bollinger Bands and KST oscillator confirmed the bearish tilt, and the stock remained well below key resistance levels, including the 50-day moving average and its 52-week high. On-Balance Volume showed mildly bullish weekly signals, suggesting some accumulation, but monthly volume trends remained inconclusive.

Despite the short-term strength, the stock’s mixed technical signals and valuation concerns counsel caution. The Mojo Score of 50.0 and a ‘Hold’ rating reflect this balanced outlook, recommending a wait-and-watch approach amid ongoing sector volatility.

Key Takeaways

Positive Signals: Kalyan Jewellers demonstrated strong short-term momentum with a 10.04% weekly gain, significantly outperforming the Sensex’s 0.54% decline. Exceptional volume and open interest surges on 9 February indicated robust market participation and accumulation. The company’s record quarterly financial performance and mojo grade upgrade to ‘Hold’ underpin improving fundamentals. Delivery volumes surged sharply, signalling investor commitment beyond intraday trading.

Cautionary Signals: Despite short-term strength, the stock trades below key longer-term moving averages, reflecting resistance and potential consolidation. Valuation metrics have shifted to expensive territory, with elevated P/E and P/BV ratios raising concerns about sustainability. Technical momentum shifted from mildly bearish to bearish by week’s end, with mixed signals from MACD, RSI, and Bollinger Bands. Declining delivery volumes on some days and mixed volume trends suggest speculative trading may be influencing price action.

Conclusion

Kalyan Jewellers India Ltd’s week was marked by a strong price rally and heightened trading activity, driven by positive quarterly results and improved market sentiment. The stock’s 10.04% weekly gain amid a declining Sensex highlights its relative strength and renewed investor interest. However, the shift to bearish technical momentum and elevated valuation multiples warrant a cautious stance. Investors should monitor key technical levels and delivery volume trends closely, balancing the company’s operational resilience against sector volatility and market uncertainties. The current ‘Hold’ mojo grade aptly reflects this balanced outlook, suggesting that while the stock shows promise, measured observation remains prudent.

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