Emami Realty is a market leader in the real estate sector, with major projects in India and overseas totaling nearly 37 million square feet. The company’s goal is to be one of the top five real estate businesses in India by 2025. Emami Realty’s future objectives include creating residential and commercial properties throughout India as well as growing its global footprint.
Stock to Watch
Emami Realty is a subsidiary of Emami Group, a diverse commercial conglomerate with a market capitalization of over INR 50,000 crores. Emami Realty has a pan-India presence, with approximately 3.7 billion square feet of development in various phases of planning, building, and delivery across West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Orissa, Maharashtra, and Sri Lanka. These projects are being carried out by the corporation through various special-purpose vehicles and joint ventures.
A clear rise can be seen in the prior period of the Emami Realty Limited price chart. This upward motion peaked in early 2018, signaling the end of the impulse phase. Price then began a corrective phase. When studying the weekly chart, a distinct ZigZag correction pattern appears according to Wave Theory.
There are five unique sub-waves inside wave C. It is possible to determine the end of the corrective phase by observing this sequence. The commencement of motive waves is indicated by a price crossover above the previous lower high point. This event strongly signals that the market trend is about to reverse.
If we look at the one-day chart, we can observe that a 61 percent retracement has occurred. Wave 1 has completed, with up to five sub waves in lower degrees. After that, the ABC pattern correction retraces to 61%. What will happen next?
As a general rule, if the price continues above wave 1, wave 3 is likely to be started. In that circumstance, the price can easily reach 161%, as illustrated in the chart. If the price falls below wave 2 on the chart, this pattern will surely be proven incorrect.
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