Kalyan Jewellers share price extends post-budget rally for third straight session. Buy or sell? | Stock Market News
Source: Live Mint
Stock Market today: Kalyan Jewellers India Ltd share price extended its post-budget rally for second straight session on Monday. The stock is rising fueled by Budget proposal to reduce duty from 25% to 20%
The customs tax for item code 7113, which includes jewelry and parts for it, has been lowered by the finance minister. The budget has proposed lowering of the customs charge on jewelry and components of it from the previous 25% to 20%. Platinum Findings will no longer have a 25% customs duty. It will now stand at only 5%.
Kalyan Jewellers share price movement
Kalyan Jewellers India Ltd share price opened at ₹503.00 on the BSE on Monday, slightly lower than previous close of ₹505.15. However the share price of Kalyan Jewellers there bounced to intraday highs of ₹517 marking gains of around 3%
Kalyan Jewellers share price has not rising in two session but the Kalyan Jewellers share price had risen on 31st January Friday before the Budget proposals were given. Kalyan Jewellers shares had surged by 13%, reaching a high of Rs. 506 per share on Friday This increase followed the company’s quarterly results, which showed a 21.2% jump in consolidated net profit to Rs. 218.68 crore for the third quarter of the 2024-25 fiscal year, driven by robust sales, as per analysts.
Kalyan Jewellers share price has risen 17% in last 3 trading sessions.
Kalyan Jewellers share price technical outlook
Kalyan Jewellers share price is trading in ₹480 to ₹550 per share range. A bullish or bearish trend can be assumed on the breakage of either side of the range. Kalyan Jewellers shareholders are advised to hold the scrip, maintaining a stop loss below ₹480 for the near-term target of ₹550 per share range. For fresh investors, waiting for the breakout at ₹550 levels is better. On breaking above ₹550 on a closing basis, the jewellery stock may become bullish. However, if the stock breaks below ₹480 on a closing basis, it may turn highly bearish as well, said Sumeet Bagadia, Executive Director at Choice Broking
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
