At the **current market price (CMP) of ₹434**, the setup becomes more interesting because the stock has bounced nearly **30% from the major support around ₹337**, but it is **still below the long-term descending trendline**. Here's an updated TradingView idea.
---
# Kalyan Jewellers | Bulls Defend Key Support, Eyes on Trendline Breakout
**Timeframe:** Daily
**Bias:** Neutral to Bullish
**CMP:** ₹434.35
After a prolonged correction from **₹793**, Kalyan Jewellers appears to be showing early signs of accumulation. The recent sharp recovery from the **₹327–340 demand zone** came with one of the strongest volume spikes in months, suggesting buyers have stepped back into the market.
However, the broader trend remains bearish as price continues to trade below the long-term descending trendline. The next few sessions will be crucial in determining whether this is just a relief rally or the beginning of a trend reversal.
### Technical Observations
* Strong demand zone respected near **₹327–340**
* Price has formed a higher low after the recent bounce.
* Today's strong bullish candle closed near the day's high with significantly above-average volume.
* Momentum is improving, but the falling trendline remains the key hurdle.
### Resistance Levels
* **₹445–450:** Immediate resistance
* **₹470–480:** Trendline resistance
* **₹512:** Fibonacci 38.2% retracement
* **₹565:** Fibonacci 50% retracement
* **₹620:** Fibonacci 61.8% retracement
### Bullish Scenario
A decisive daily or weekly close above **₹470–480** with sustained volume would confirm a breakout from the descending trendline and could trigger a fresh positional uptrend.
### Targets
* 🎯 Target 1: **₹512**
* 🎯 Target 2: **₹565**
* 🎯 Target 3: **₹620**
* 🎯 Long-term Target: **₹790** (Previous swing high)
### Risk Management
* **Aggressive traders:** Can hold above **₹420** with a stop-loss below **₹395**.
* **Positional investors:** Prefer waiting for a confirmed breakout above **₹470–480**.
* **Major invalidation:** Weekly close below **₹327**.
### Trading Strategy
* **Current Hold Zone:** ₹430–445
* **Fresh Buy Zone:** On breakout above ₹470–480 with strong volume
* **Profit Booking Zone:** ₹510–565 initially
---
### Conclusion
The correction appears to be slowing near a historically strong support zone, and the recent high-volume bounce indicates renewed buying interest. Nevertheless, the long-term downtrend has **not yet been broken**. A sustained move above the descending trendline could transform this recovery into a fresh bullish trend, while failure near resistance may lead to another retest of lower levels.
Disclaimer: This analysis is for educational purposes only and should not be considered investment advice. Always use proper risk management before entering any trade.
---
# Kalyan Jewellers | Bulls Defend Key Support, Eyes on Trendline Breakout
**Timeframe:** Daily
**Bias:** Neutral to Bullish
**CMP:** ₹434.35
After a prolonged correction from **₹793**, Kalyan Jewellers appears to be showing early signs of accumulation. The recent sharp recovery from the **₹327–340 demand zone** came with one of the strongest volume spikes in months, suggesting buyers have stepped back into the market.
However, the broader trend remains bearish as price continues to trade below the long-term descending trendline. The next few sessions will be crucial in determining whether this is just a relief rally or the beginning of a trend reversal.
### Technical Observations
* Strong demand zone respected near **₹327–340**
* Price has formed a higher low after the recent bounce.
* Today's strong bullish candle closed near the day's high with significantly above-average volume.
* Momentum is improving, but the falling trendline remains the key hurdle.
### Resistance Levels
* **₹445–450:** Immediate resistance
* **₹470–480:** Trendline resistance
* **₹512:** Fibonacci 38.2% retracement
* **₹565:** Fibonacci 50% retracement
* **₹620:** Fibonacci 61.8% retracement
### Bullish Scenario
A decisive daily or weekly close above **₹470–480** with sustained volume would confirm a breakout from the descending trendline and could trigger a fresh positional uptrend.
### Targets
* 🎯 Target 1: **₹512**
* 🎯 Target 2: **₹565**
* 🎯 Target 3: **₹620**
* 🎯 Long-term Target: **₹790** (Previous swing high)
### Risk Management
* **Aggressive traders:** Can hold above **₹420** with a stop-loss below **₹395**.
* **Positional investors:** Prefer waiting for a confirmed breakout above **₹470–480**.
* **Major invalidation:** Weekly close below **₹327**.
### Trading Strategy
* **Current Hold Zone:** ₹430–445
* **Fresh Buy Zone:** On breakout above ₹470–480 with strong volume
* **Profit Booking Zone:** ₹510–565 initially
---
### Conclusion
The correction appears to be slowing near a historically strong support zone, and the recent high-volume bounce indicates renewed buying interest. Nevertheless, the long-term downtrend has **not yet been broken**. A sustained move above the descending trendline could transform this recovery into a fresh bullish trend, while failure near resistance may lead to another retest of lower levels.
Disclaimer: This analysis is for educational purposes only and should not be considered investment advice. Always use proper risk management before entering any trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.