Kalyan Jewellers shares remained under heavy pressure in trade, extending their losing streak as persistent selling weighed on investor sentiment. The stock slumped nearly 14 per cent in a single session, marking its ninth consecutive day of decline and underscoring the intensity of the ongoing correction.
At 12.59 pm, the stock traded as the biggest loser on the midcap index at ₹406 on the NSE, 10 per cent lower, after hitting a 52-week low of ₹389.10 in early trade.
According to Aakash Shah, Technical Research Analyst at Choice Equity Broking, the stock is exhibiting strong bearish momentum and signs of sustained distribution. He noted that Kalyan Jewellers has decisively broken below all its key moving averages on the daily chart — including the 20-day, 50-day, 100-day and 200-day exponential moving averages — confirming a well-established downtrend. The downward-sloping and bearishly aligned averages suggest continued selling pressure with little short-term support for prices.
Shah pointed out that the latest breakdown was marked by a large bearish candle accompanied by a surge in trading volumes, a pattern that typically indicates panic selling or aggressive unwinding of positions. He added that the absence of any immediate negative fundamental trigger reinforces the view that the decline is largely technical in nature, potentially reflecting strong institutional selling activity.
On the downside, the stock is currently hovering around the 390–380 zone, which is seen as an immediate support area. While this region could offer a brief pause or a technical bounce, Shah cautioned that there are no signs of a reversal so far. A sustained move below this band could expose the stock to further downside toward lower demand zones.
From a broader structural perspective, Shah highlighted that Kalyan Jewellers has slipped below its earlier consolidation range of 440–450, which now stands as a significant overhead supply zone. As long as the stock remains below this level, the overall trend is expected to stay bearish, with any interim recovery likely to be corrective rather than the start of a meaningful trend reversal.
(This is a developing story)
Published on January 21, 2026
