Kalyan Jewellers tests ₹564 after a sharp pullback

Kalyan Jewellers India Ltd closed at ₹564 after slipping 1.2%, extending the pullback from the recent ₹620–₹630 high zone. The larger move from July remains a strong breakout leg, but recent candles show that momentum has cooled. Price has made a series of lower highs since the peak and is now testing whether the ₹560 area can hold as a base. The latest red candle keeps the short-term bias cautious until buyers regain control above nearby averages. The 20-day average is near ₹566.68, so price is trading just below its first short-term reference level. The 55-day average around ₹589.72 is the more important resistance and marks the upper boundary of the present correction. The gap between the two averages shows that the stock is in a cooling phase rather than a clean upside continuation. A recovery that fails below ₹590 would still leave the broader correction intact. ₹560–₹564 is the immediate support range. A decisive break below it can bring ₹540 into focus. On the upside, ₹567 is the first level to reclaim, followed by ₹590. Festive demand, store expansion, consumer spending and gold-price movement remain important factors for the jewellery retailer.