Kalyan Jewellers

9 Ara 2024

The chart for Kalyan Jewellers displays a classic Symmetrical Triangle pattern, which is a bullish continuation pattern. The price has formed converging trendlines, with lower highs and higher lows, indicating consolidation. Recently, the price has broken out above the upper trendline near ₹750, confirming bullish momentum, supported by a noticeable surge in volume. Traders can consider a buy recommendation at current levels, targeting ₹850, calculated by adding the height of the triangle (₹100) to the breakout level. To manage risk, a stop-loss should be placed below the lower trendline or recent swing low, around ₹720-₹730. With the RSI nearing overbought levels at 68, it's essential to monitor for signs of exhaustion, but the breakout suggests a favorable upside in the near term.