Titan, Hindustan Zinc, Kalyan Jewellers and Manappuram Finance Show Bullish Technical Setups as Precious Metal Prices Climb Nearly 8% in August

The sharp rally in gold and silver prices has reignited investor interest in companies linked to precious metals, with several jewellery retailers, mining firms, and gold financing companies witnessing increased market activity. As global geopolitical uncertainties and safe-haven demand continue to support bullion prices, market experts believe select stocks in the sector could offer attractive trading opportunities over the coming weeks.

Gold and silver prices have risen by nearly 8% so far in August, supported by persistent geopolitical tensions, uncertainty surrounding the US-Iran peace negotiations, expectations of stable central bank gold purchases, and sustained investor demand for defensive assets. Historically, movements in precious metal prices have had a direct impact on companies engaged in jewellery retail, silver and zinc mining, and gold-backed lending businesses.

According to market data from the National Stock Exchange (NSE), the performance of precious metal-related stocks has remained mixed despite the rally in bullion prices. While some companies have significantly outperformed the broader market, others continue to face profit booking after strong rallies earlier this year.

Technical analysts believe that this divergence has created selective buying opportunities rather than a broad-based rally across the sector.

Precious Metal Stocks Deliver Mixed Performance

Among the major listed companies, Hindustan Zinc has emerged as the strongest performer this month, gaining more than 9%. The stock has benefited from improving sentiment in industrial metals as well as the recent strength in silver prices.

Titan Company has also remained among the top gainers, extending its long-term uptrend on the back of strong investor confidence in India's organised jewellery retail segment.

PC Jeweller has also recorded notable gains during the month, supported by renewed buying interest in the jewellery sector.

On the other hand, several stocks have witnessed corrective moves. Muthoot Finance has declined around 7%, while Senco Gold, Kalyan Jewellers, and Manappuram Finance have traded with a weaker bias amid profit booking and cautious investor sentiment.

Despite the mixed price performance, analysts believe the overall outlook for the sector remains positive as long as bullion prices continue their upward trajectory.

Angel One Sees Bullish Technical Structure in Select Stocks

According to Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One, several gold- and silver-related stocks are approaching important technical levels that could determine their next major directional move.

The analyst believes that while some stocks are already in established uptrends, others are nearing breakout zones that could trigger fresh buying interest if key resistance levels are crossed.

Hindustan Zinc: Long-Term Bullish Trend Intact

Hindustan Zinc continues to remain one of the most closely watched metal stocks due to its strong historical correlation with silver prices.

The stock had corrected nearly 30% from its previous highs following weakness in silver prices during FY27. However, according to Angel One, the recent price action indicates that the stock has entered a healthy consolidation phase rather than a structural downtrend.

The analyst identifies ₹520–₹500 as a strong demand zone where buyers have consistently emerged, while ₹660 remains the immediate resistance level.

Although the stock may continue to trade within this range over the short term, its broader long-term chart structure remains positive. A sustained breakout above resistance could pave the way for the next leg of the rally.

Titan Maintains Strong Uptrend

Among all jewellery stocks, Titan Company continues to display one of the strongest technical structures.

According to Rathi, the stock remains firmly positioned in a long-term bullish trend, supported by a consistent pattern of higher highs and higher lows across multiple timeframes.

The recent breakout above the ₹4,550 level has strengthened the bullish momentum and confirmed continuation of the primary uptrend.

Based on current technical indicators, Angel One expects Titan to move towards the ₹5,300–₹5,440 range over the near term.

Apart from technical strength, Titan is also expected to benefit from robust jewellery demand, festive season purchases, premiumisation in the organised retail segment, and stable consumer spending.

Kalyan Jewellers Approaches a Critical Breakout Level

Kalyan Jewellers has witnessed significant volatility over the past year after correcting more than 50% from its record highs.

However, technical indicators now suggest that the prolonged correction may be nearing completion.

According to Angel One, the stock is approaching a decisive resistance zone around ₹650.

A successful breakout above this level would invalidate the existing weak breakout formation and simultaneously trigger a fresh swing breakout on the Daily Renko charts.

The analyst believes this level will be crucial in determining the stock's medium-term direction, making it one of the key counters to watch in the jewellery sector.

Manappuram Finance Shows Improving Momentum

Despite weakness seen in parts of the gold finance segment, Manappuram Finance continues to exhibit encouraging technical characteristics.

The stock recently registered a breakout above ₹338, followed by a successful retest of the breakout zone—a development generally considered positive from a technical analysis perspective.

Angel One believes this confirms sustained buying interest and strengthens the possibility of further upside.

If momentum continues, the stock could potentially advance towards the ₹420–₹430 range over the coming weeks.

Gold Prices Continue to Support Sector Sentiment

Analysts believe that the current rally in bullion prices could continue supporting companies linked to precious metals.

Gold generally performs well during periods of geopolitical uncertainty, lower real interest rates, inflation concerns, and increased central bank accumulation.

Similarly, silver benefits not only from safe-haven demand but also from rising industrial consumption in sectors such as renewable energy, electric vehicles, semiconductors, and electronics.

If international bullion prices remain firm, investor sentiment towards jewellery manufacturers, mining companies, and gold financing businesses is expected to stay favourable.

Key Risks Investors Should Watch

Despite the positive technical outlook, experts caution that precious metal-related stocks remain sensitive to several external factors.

Movements in US Treasury yields, the strength of the US dollar, central bank monetary policy decisions, global inflation trends, geopolitical developments, and changes in international bullion prices could all influence the performance of these companies.

Additionally, company-specific factors such as quarterly earnings, inventory management, consumer demand during the festive season, and margin trends will remain important drivers for stock prices.

Outlook

The recent surge in gold and silver prices has once again shifted investor attention towards India's precious metal ecosystem. While the broader sector has delivered mixed returns, technical indicators suggest that Titan Company, Hindustan Zinc, Kalyan Jewellers, and Manappuram Finance are among the stocks worth monitoring closely.

With global uncertainty continuing to support safe-haven demand and domestic consumption expected to improve ahead of the festive season, the precious metal segment could remain an active space for investors. However, market participants should closely track bullion price movements and key technical levels before taking investment decisions, as volatility is likely to remain elevated in the near term.