Titan, Kalyan Jewellers: Will Jewellery stocks double by next Dhanteras?

Jewellery related stocks have witnessed massive gains since last Dhanteras and continue to trade with a firm bullish bias, indicating more upside for the shares.

The shares of companies associated with jewellery have seen massive upside since last dhanteras, with quite a handful stocks gaining as much as 100 per cent and more. Titan Company, Thangamayil Jewellery and Goldiam International have more than doubled and continue to trade with a firm bullishness. Here's what the charts indicate about the future trend, and likely upside untill next Dhanteras:
 
Titan Company Limited (TITAN)
Likely target: Rs 3,000
Upside potential: 25%

Since the last Dhanteras so far, the shares of Titan Company have doubled from the levels of Rs 1,300.  This strong up move has an immediate support of Rs 2,300 level and as long as this mark is upheld, the positive bias may see a surge towards Rs 3,000-mark, according to the daily chart. An aggressive move above Rs 2,500 level may attract short covering and the stock may see sharp jump towards the uncharted territory. CLICK HERE FOR THE CHART

Rajesh Exports Ltd (RAJESHEXPO)
Likely target: Rs 700 and Rs 725
Upside potential: 9% to 13%

The stock makes efforts to decisively sustain above its 200-weekly moving average (WMA) in addition to the “Cup and Handle” breakout, according to the weekly chart. Such formations signal a firm upside in the near term. The 200-DMA is placed at Rs 602, which acts as the support mark. The trend is heading towards Rs 700 and Rs 725 levels. CLICK HERE FOR THE CHART
 
Kalyan Jewellers India Ltd (KALYANKJIL)
Likely target: Rs 82 and Rs 90
Upside potential: 5.50% to 16%

The sharp decline in the months of June, July and August 2021 has seen a reversal with “Higher High, Higher Low” formation. The shares managed to sustain above the 100day moving average (DMA) exhibiting support around the Rs 73 levels. The immediate trend looks to be in the direction of Rs 82 and if the counter manages to firmly cross this mark, the breakout may even see Rs 90 levels, according to the setup of the daily chart. CLICK HERE FOR THE CHART

 
Thangamayil Jewellery limited (THANGAMAYL)
Likely target: Rs 1,650
Upside potential: 11%

Thangamayil Jewellery Limited shares have tripled from last Dhanteras and continue to encounter uncharted territory. The overall trend is bullish and the stock has a closing basis support of Rs 1,200 and Rs 1,080 levels. The bullish bias may see the stock heading towards Rs 1,650 levels, based on the weekly and daily charts. Share price continues to see positive strength in the overbought category of the Relative Strength Index (RSI). CLICK HERE FOR THE CHART
 
 Goldiam International Ltd (GOLDIAM)
Likely target: Rs 1,150
Upside potential: 15% to 22%

The stock has risen sharply from the lows of Rs 160 since the last Dhanteras. This massive surge may see some profit booking, however the overall trend continues to stay bullish. The strongest support comes at Rs 900 levels, which is its 50-DMA. Only a major breakdown below this support may result in weakness and bearish sentiment, otherwise the stock may see an upside towards Rs 1,150 and Rs 1,220 levels.  CLICK HERE FOR THE CHART