Kalyan Jewellers shares are close to a record high thanks to the gold price surge. Possess you?

 Kalyan Jewellers shares are close to a record high thanks to the gold price surge. Possess you?

Today's stock market: Jewelry firms are anticipated to profit when gold and silver prices rise on the local and global markets as a result of the Israel-Hamas conflict since the market anticipates margin gains on their buffer stock. Shares of Kalyan Jewellers are one of them. Despite rising 135% year-to-date (YTD), this jewelry stock has surged almost to its lifetime high of 309.75 rupees per piece on the NSE.

concentrate on the Israel-Hamas conflict

On the NSE, Kalyan Jewellers' stock price today began higher at 289,75 per share. It later reached an intraday high of 298.90 per share, barely 3.50 percent off its all-time high of 309.75 per share.

Stock market analysts predict that Kalyan Jewellers India would profit from the recent increase in the price of gold since jewelry stocks are anticipated to grow after the recent increase in the price of gold and silver, which was mostly driven by the Israel-Hamas conflict. They claimed that businesses get margin benefits from their buffer stock. They also said that the Kalyan Jewellers share surge was temporary and that if it failed to reach the 300 level in the near future, investors should take profits since the stock would soon fall to the 260 or so level due to a trigger for profit-taking in the price of gold and silver.

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According to Saurabh Jain, Vice President of Research at SMC Global Securities, the increase in Kalyan Jewellers shares is primarily caused by an increase in the price of gold and silver. After the recent increase in gold and silver prices, which is mostly due to the geopolitical unpredictability brought on by the Israel-Hamas conflict, the market is anticipating margin benefits for the firm. Kalyan Jewellers India Ltd may make some additional money as a result of the rise in gold and silver prices since the jewelry business is anticipated to see increased demand owing to the rapidly approaching Diwali in 2023 and a longer wedding season. This gain is anticipated to result from its buffer stock, which the majority of commodity-driven businesses maintain for immediate use.

Target price for shares of Kalyan Jewellers

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said when asked about the technical outlook for Kalyan Jewellers' share price, "Kalyan Jewellers shares are producing double hammer patterns on chart. At the price of 310 per share, the stock is in trouble. If this obstacle is overcome, it may increase to 340 per share levels. If the stock falls short of this barrier and continues to trade below $300 throughout this week, it might go as low as 280 and 260 levels. Therefore, if Kalyan Jewellers falls below $300 over the weekend session, shareholders are recommended to book profits on Friday and keep their trailing stop loss at levels of 260 per share.

Up more than 200% so far in 2023 for BSE shares. Next, what?

One of the multibagger stocks that the Indian stock market provided in 2023 is Kalyan Jewellers India Ltd. shares. It gave its stockholders a return of more than 40% in the last month.

Gold and silver prices are rising.

Gold prices increased from their lows of 56,421 per 10 gm to peaks of 61,124 per 10 gm after the start of the Israel-Hamas conflict. Currently, the 10 gm gold price on the MCX is quoted at 60,533. The current MCX silver pricing is 71,805 per kilogram. The price of silver increased from its lows of 65,666 to 73,599 per kg after the commencement of the Israel-Palestine war.