I tried a lot of answers written above and found most of them incomplete Here is what I did to copy my project in ANDROID STUDIO AND IT WILL WORK ON EVERY VERSION OF ANDROID STUDIO
**Copy the project**
1 On your computer's file system (not in Android Studio), make a copy of the ExistingProject directory.
2 Rename the copied directory to NewProject.
**Rename and refactor the project components**
The old name of the project, ExistingProject, still appears throughout the packages and files in the new copy of your project. Change the file and the package references in your app to the new name, as follows:
1 Start Android Studio
2 Click Open an existing Android Studio project.
3 Navigate to the NewProject directory, select it, and click OK.
4 Select Build > Clean Project to remove the auto-generated files.
5 Click the 1:Project side-tab and choose Android from the drop-down menu to see your files in the Project view.
6 Expand app > java.
7 Right-click com.example.android.existingproject and choose Refactor > Rename. This opens the Rename dialog.
8 Change existingproject to newproject.
9 Check Search in comments and strings and Search for text occurrences and click Refactor.
10 The Find Refactoring Preview pane appears, showing the code to be refactored.
11 Click Do Refactor.
12 Expand res > values and double-click the strings.xml file.
13 Change the name="app_name" string to New Project.
**Update the build.gradle and AndroidManifest.xml files**
Each app you create must have a unique application ID, as defined in the app's build.gradle file. Even though the above steps should have changed the build.gradle file, you should check it to make sure, and also sync the project with the gradle file:
1 Expand Gradle Scripts and double-click build.gradle (Module: app).
2 Under defaultConfig, check to make sure that the value of the applicationID key has been changed to "com.example.android.newproject". If it has not changed, change it manually now.
3 Click Sync Now in the top right corner of the Android Studio window.
Tip: You can also choose Tools > Android > Sync Project with Gradle File to sync your gradle files. In addition, some apps include the app name in readable form (such as "New Project" rather than newproject) as a label in the AndroidManifest.xml file.
4 Expand app > manifests and double-click AndroidManifest.xml. 5 Find the statement below, and if necessary, change the label if to the string resource for the new app name:
android:label="@string/app_name"
5 Lastly Also go into the "settings.gradle" file and change the name of your root.Project name to the name of your NewProject(case sensitive).