buy on dips market is in correction phase

Adani Ports and Special Economic Zone (NSE: ADANIPORTS) remains one of the stronger businesses in India’s ports and integrated logistics space. However, at the current market price, technical consolidation and valuation both need to be considered before taking a fresh position. 1. Current Price & Technical Setup As of 8 October 2026, Adani Ports was trading around ₹1,700–₹1,710, after coming under selling pressure during the broader market correction. The stock had closed at ₹1,748.10 on the previous session and was trading approximately 2.5–3.5% lower intraday. The Economic Times The important technical levels are: - Immediate support: ₹1,690–₹1,700 - Major support: ₹1,650–₹1,630 - Next support: ₹1,600–₹1,580 - Immediate resistance: ₹1,750–₹1,780 - Major resistance: ₹1,805–₹1,825 - Higher resistance: ₹1,880–₹1,900 The 200-day EMA is around ₹1,651, while the 50-day EMA is around ₹1,746. This means the stock is currently below its short- and medium-term moving averages but remains comfortably above its long-term trend support. The weekly technical structure remains relatively constructive, with the stock above its 50-day and 200-day averages. Weekly RSI is around 50, indicating that the stock is neither deeply overbought nor oversold. 2. Business Performance Fundamentally, APSEZ continues to show strong operating momentum. During Q1 FY27, consolidated revenue increased approximately 19% YoY to ₹10,821 crore, EBITDA increased 19% to ₹6,541 crore and PAT increased approximately 10% to ₹3,650 crore. The September 2026 operational update was also encouraging. APSEZ handled approximately 46 MMT of cargo in September, representing 11% YoY growth. For H1 FY27, cargo volumes reached approximately 280 MMT, up 15% YoY. Container and dry-cargo volumes both recorded approximately 15% growth.