Why shorting Adani Ports futures could work this week
Alternatively, traders could consider bear-put spread strategy
The stock of Adani Ports and Special Economic Zone (APSEZ) is ruling at crucial levels. While the long-term outlook will remain positive as long as the stock rules above ₹563, in the short-term it may see volatility with a downward bias. Adani Ports has an immediate support at ₹685 and the next one is at ₹638. On the other hand, the stock finds strong resistance at ₹809 and a conclusive break above this level will reconfirm the bullish outlook. In that case, APSEZ has the potential to reach ₹1,000.