PC Jeweller shares jumped nearly 5% on Wednesday, 21 October, amid a broadly positive trend in the Indian stock market. The stock has rallied around 40% over the past two weeks, supported by strong buying momentum following the company’s Q2 FY27 results and renewed investor interest after reports of a bulk deal involving Aditya Kumar Halwasiya, who is associated with Cupid Ltd.
The stock’s gains have extended beyond the recent rally. PC Jeweller shares have surged 27.44% in one week, 40.23% in two weeks and 44.18% over one month. The stock has gained 83.30% over three months, 92.08% over six months, and 98.07% year-to-date, according to the BSE data.
However, technical analysts caution that the sharp rally has pushed the stock into overbought territory, with key resistance levels around ₹19– ₹20 likely to determine its next move.
PC Jeweller shares: What is driving the rally?
Investor attention has also turned to a reported bulk deal on 16 October, in which Aditya Kumar Halwasiya, associated with Cupid Ltd, purchased 5.10 crore PC Jeweller shares worth approximately ₹73.59 crore at an average price of ₹14.43 per share.
The transaction has drawn attention amid the jewellery retailer’s ongoing financial turnaround. However, the bulk deal alone does not establish the investor’s long-term intentions or explain the stock’s subsequent price movement.
The company’s Q2 FY27 performance has provided another focus for investors. PC Jeweller reported a 28% year-on-year increase in consolidated revenue for the July–September quarter, citing healthy consumer demand.
The company also said it received remittances of ₹142 crore during the quarter from outstanding export debtors.
In September, PC Jeweller announced that it had cleared its dues to all 14 consortium banks, effectively becoming debt-free after addressing borrowings that had amounted to around ₹3,000 crore. The company had opted for a one-time settlement (OTS) of its outstanding bank dues in September 2024.
The progress on debt reduction and the latest revenue growth have added to the market’s focus on the company’s recovery, although sustaining business growth and profitability will remain important for its longer-term outlook.
PC Jeweller share price: What do technical analysts say?
Rajesh Bhosale, Technical Analyst at My Advisor Alpha, said PC Jeweller had witnessed a sharp, near-vertical upmove over the past three trading sessions, indicating a strong uptrend.
However, he cautioned against initiating fresh long positions at current levels because of overbought conditions. Investors could consider a buy-on-dips strategy, with support around ₹17 and the next resistance at ₹20, Bhosale said.
Hitesh Tailor, Technical Research Analyst at Choice Broking, said PC Jeweller had staged a strong structural recovery on the weekly chart after a prolonged accumulation phase near its 200-week moving average of ₹9.73.
The stock broke out of an intermediate consolidation range around ₹14.30 and rallied sharply to trade near ₹18.46, Tailor said. However, it is now approaching a major multi-year resistance zone between ₹19 and ₹19.65, where selling pressure had previously triggered sharp pullbacks.
Tailor noted that the weekly Relative Strength Index (RSI) had crossed 76, entering overbought territory. While this signals strong momentum, it also raises the possibility of near-term profit-booking or sideways consolidation.
Immediate support is placed around ₹17, while the stronger structural support lies near ₹14.30, the previous breakout level. The near-term outlook remains sideways to bullish, with a decisive weekly close above ₹19.65 needed to signal the next leg of the upmove, he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
