Multibagger Stock Kalyan Jewellers share price hits fresh record high, up 385% in 13 months. What lies ahead?

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₹500-mark and jumped over 15% to touch a 52-week high of 546.15 in an overall strong market. Also, today marks the first time that Kalyan Jewellers' market cap exceeded ₹50,000 crore.

Over the past 13 months, Kalyan Jewellers share price has shot up by 385%, providing investors with multibagger gains. Kalyan Jewellers share price opened at an intraday low of ₹481 apiece on BSE.

Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said that Kalyan Jewellers share price witnessed a sharp surge during the morning session, making a high of ₹546; however, from there, some profit booking is seen with prices slipping below ₹500. The formation resembles a shooting star candlestick pattern; if prices fail to surpass back above ₹520–530, then prices may enter consolidation mode, whereas a slip below ₹480 could also trigger further profit booking towards ₹460.

Also Read: Stocks to Buy: Eicher Motors, Tata Motors, M&M, Ashok Leyland are the 4 Ambits picks in the Automobile sectorBrokerage Motilal Oswal in its recent report from last week, initiated coverage on Kalyan Jewellers, noting that the business is one of India's biggest jewelry retail chains, with a robust network of over 217 locations nationwide. Over the next two years, the asset-light expansion (franchise-driven) will provide the cash flows required to pay down its debt in India.

Best in class, the FY24 studded ratio of 28% demonstrated the company's grasp of changing customer patterns, including youth-led and non-traditional styles.With a "buy" rating and a target price of ₹525—which the stock has already surpassed in today's session—the domestic brokerage initiated coverage. The brokerage also emphasized the notable formalisation trend that the jewelry