PC Jeweller shares may offer buying opportunity on dips, says analyst

Upadhyay described himself as “moderately positive” on the counter, arguing that the chart structure is stronger than it may appear at first glance. While the stock has formed what looks like a triple-top pattern, he said the signal is not decisively bearish because 'its bottoms are rising,' indicating underlying strength in the trend.

That rising-bottom formation matters because it typically suggests buyers are stepping in at progressively higher levels. In practical terms, that reduces the threat of a deep breakdown and keeps the door open for another attempt at higher resistance zones.

Why declines may still be opportunities

For investors unsettled by recent profit-taking, the expert’s message was clear: short-term declines should not necessarily be read as a reversal. He said even if the stock slips another 5-7%, that move can be seen as an opportunity to get a fresh entry in the counter.

That view is especially relevant in a broader market environment where stock-specific moves have been sharper in the mid- and small-cap space. The larger backdrop from the show also pointed to a choppy, indecisive market, making disciplined entry levels and risk management crucial for traders.

Rs 20 is the level to watch

The next key trigger, according to Upadhyay, sits at Rs 20. He called it a 'very major resistance' and said the stock deserves another attempt at that level. If PC Jeweller manages a convincing breakout above it, he expects the structure to change meaningfully.

A breach of Rs 20 could start 'a fresh bull leg,' opening room for the stock to move towards Rs 30 or even Rs 35 over time. That makes Rs 20 the most important near-term technical marker for investors tracking the next leg of the rally.

Trading strategy remains accumulation-led

Upadhyay’s stance is firmly on the buy side, but with caution built in. His advice was to keep buying the stock on declines rather than in one aggressive move, while maintaining a stop loss at Rs 13.50.

For investors, the takeaway is straightforward: PC Jeweller remains a high-beta trade, but one where technical structure and improving sentiment could still combine to deliver another leg up—provided the stock clears resistance with conviction.