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  • Writer's pictureraytraceventures

Kopran on June 26, 2023 | Breakeven Exit

Updated: Jul 21, 2023

A long position has been made in Kopran based on the below rationale.

1. An aggressive up move of 80% in 2 months.

2. The price consolidated for 14 days.

3. Gave a fake breakdown on June 25.

4. Recovered strongly with a 7% up move with ~850k volume on June 26 respecting the rising trendline



Risk Management A risk of ~Rs. 4800 has been defined for this trade with the stop loss at 175 level, and as per that 600 quantities have been bought. Below is the screenshot of positions held in Zerodha (entry-1)

As the price moved in our favor, 300 more quantities were bought at an average price of 187.6. Making total of 900 quantities at an average price of 184.5. Below is the screenshot from Zerodha (entry-2)

Mindset Executed the trade with good conviction after getting multiple confirmations. Expecting a target of 219 in coming few weeks.


Conclusion

Given the aggressiveness of buyers on June 26, the price could not really move on the upside with that momentum hence, all the positions were exited at breakeven on June 30 at an average price of 185. The trade was held for 5 days. Below chart depicts the entry-1&2, exit candles.

Below is the screenshot of tradebook from Zerodha.

Thanks for reading, have a great day !

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