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.
This brings us to the closure, I hope you enjoyed reading it as much as I enjoyed writing it. For learning the concepts deeply and shortening your learning curve you can become the part of Eight Figr League and know the pulse of Indian and US stock markets, get daily updates, learn fundamental and technical analysis, connect with me over video call.
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