This gems & jewellery multibagger hits fresh record high post range breakout

KDDL, part of the gems & jewellery space, has rallied by about 300% in the last 3 years but recent momentum helped the stock to break out of the range and hit a fresh record high.

The Stock rose from Rs 1,051 as of 31 January 2023 will be a new record high Rs 1,225 as of 13 February (intraday), which is about 17% upside

The gems & jewellery smallcap stock moved in a range since October 2022 Rs 1,150 was a strong resistance on the upside Rs As a support, 900 were available.

The range breakout on the daily charts of KDDL, which is part of the S&P BSE Smallcap index, which has created room for the stock towards Rs 1,600 level, suggest experts.

Most The oscillatory indicates a possible upward trend. HenceShort-term traders have the option to either buy the stock right away or wait for it to dip towards the end. Rs They claim that 977-1.075, Supertrend Indicators also trigger a buy-in October The weekly charts.

In In terms of price action the stock price is trading well above the majority of the short-term and long-term moving Averages (5,10,30,50.100 and 200-DMA), which is a positive sign in favor of bulls.

ET CONTRIBUTORS

The Relative Strength Index The RSI is currently at 67.4. RSI lower than 30 is considered overbought and higher than 70 is considered to be oversold. Trendlyne Data showed. MACD is above its signal line and center, which is a bullish indicator.

“KDDL stock price started its up move from Rs 603 (June 2022). The stock made a higher bottom and made a high of Rs 1,155 (October 2022). A valid correction followed making a low of Rs 907 (November 2022),” Bharat Gala, President – Technical Research, Securities, said.

“Supetrend turned positive since July 2022 till date. The stock traded in the range between Rs 900-1,150 from October 2022,” He said. RecentlyStock reached an all-time high of Rs 1,225 after a range breakout supported volumes above all two previous highs, highlighted Gala.

“The KST, Vortex & MACD Oscillator indicator suggests a possible firm uptrend. The possible targets are Rs 1,600. If the stock price corrects downwards the buy levels are Rs 1,075-1,043-1,017-998-977. A stop loss to be observed in the trade is Rs 920,” He suggests.

(Disclaimer: RecommendationsExperts’ opinions, suggestions, and views are entirely theirs. These They do not necessarily reflect the views and opinions of the Economic Times)