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PC Jeweller shares have been on a strong uptrend this year, with the stock hitting a 52-week high of ₹14.87 on 23 September, defying weak stock market sentiment. Year-to-date, the jewellery stock is up over 50%, while in the last six months, it has surged nearly 75%.
On a monthly scale, the stock is already up about 30% so far in September, looking set to extend gains for the third consecutive month.
In morning trade on Friday, September 25, the stock rose more than 1% to an intraday high of ₹14.41, near its 52-week high. However, profit booking at higher levels wiped out the gains, pushing the stock down to a low of ₹14.03, marking a decline of 1.5% from the previous session’s close.
Sporadic profit booking in a stock after its steep rise is a common phenomenon. At this juncture, a key question is whether the stock can rise further from the current levels.
According to technical experts, PC Jeweller stock continues to trade above all key moving averages, indicating a positive trend structure.
Sachin Gupta, VP – Technical Research at Choice Equity Broking, underscored that the stock's daily RSI at 67 reflects strong momentum and remains supportive of the ongoing bullish setup.
Gupta said the immediate support is placed in the ₹12.50– ₹13 zone, with the 20 EMA around ₹12.63 providing additional dynamic support.
Holding this zone would help maintain the bullish price structure and could support the next upward move, Gupta said.
"On the upside, ₹15 is the immediate resistance, followed by ₹16 as the next key resistance level. A sustained move above ₹15 could strengthen the momentum and open the possibility of further upside toward the next resistance zone," said Gupta.
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, PC Jeweller continues to maintain its uptrend, although the stock is currently facing resistance in the ₹14.50– ₹15 zone.
Patel said this area is likely to act as an important hurdle in the near term. A sustained daily close above ₹15 would indicate a breakout from the immediate resistance zone and could trigger fresh buying interest.
"On such a breakout, the stock may witness further upside momentum toward the ₹16–17 zone. On the downside, ₹13.65 remains the key support level and should be closely monitored," said Patel.
"As long as the stock sustains above this support, the broader bullish structure remains intact. Traders may therefore watch for a decisive breakout above ₹14.50– ₹15 for confirmation of further upside, while failure to sustain above support could lead to consolidation," Patel said.
Vipin Kumar, AVP-Research at Globe Capital Market, underscored that PC Jeweller stock is trading in a higher-high, higher-low formation above both its long- and short-term moving averages. This comes after a bullish breakout on 4 September 2026 from an eight-month congestion zone, with significantly higher volume.
"The current chart structure points toward a further rise toward ₹15.50, followed by ₹18.50 in the near term. We suggest accumulating fresh positions on dips around the ₹13– ₹12.40 spot levels, targeting ₹15.50 and ₹18.50," said Kumar.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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