Stock Radar: This multibagger stock breaks out of Inverse Head & Shoulders pattern; time to buy?

Short-term traders can look to buy the stock for a target of Rs 900 in the next 3-4 weeks if the momentum is sustained, suggested experts.

Synopsis

The stock has doubled investors’ wealth in a year, rising from Rs 359 on January 3, 2024, to Rs 777 on January 3, 2025. It gained over 6% in the past three months and 5% in a month. Testing its 50-DMA in December, it broke out above Rs 770. Experts suggest holding long positions as long as it trades above Rs 720.

Kalyan Jewellers gave a breakout from an Inverse Head & Shoulders (IHS) pattern on daily charts in January 2025, which has opened room for the stock to head higher.Short-term traders can look to buy the stock for a target of Rs 900 in the next 3-4 weeks if the momentum is sustained, suggested experts.The stock has already more than doubled investors’ wealth in the last 1 year. It rose from Rs 359 as of January 3, 2024, to Rs 777 recorded on

BY

ETMarkets.com

Jan 07, 2025, 10:00:00 AM IST

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