Emami Ltd fell from his very high and has try to find a support at around 300 level recovering from its low of around 250 Level. It was clearly because of the Bearish Wolfe Wave formed shown in green color.
And surprisingly the support it has taken seems valid on both monthly and weekly chart. And the accumulation of shares by the Fund houses in the recent quarters are as follows:
SEP '19 JUN '19 MAR '19
58,398,713 88,958,141 51,277,096
(Just take a look at the accumulation phase by the DII'S)
Currently it has given a break out from its recent resistance. And hope it will now move towards its long term resistance. This could be good level to buy for some action in the recent future. However this is a weekly chart and patience with the investment is strictly needed.
And surprisingly the support it has taken seems valid on both monthly and weekly chart. And the accumulation of shares by the Fund houses in the recent quarters are as follows:
SEP '19 JUN '19 MAR '19
58,398,713 88,958,141 51,277,096
(Just take a look at the accumulation phase by the DII'S)
Currently it has given a break out from its recent resistance. And hope it will now move towards its long term resistance. This could be good level to buy for some action in the recent future. However this is a weekly chart and patience with the investment is strictly needed.
