Adani | Short - Long play

Adani is highly volatile at the moment and can go either way based on events on the next two days. As per indicators it turned bearish more than a week back.
Best time to short was post report publication on 27th morning.
Points to observe :
1. The critical support of 3000-3100 is broken heavily.
2. The next near support is close to 2000-2200 followed by 1500.
3. High volatility has pushed he margins up and so the trades to be taken are different.

As of now will do the following
If it fails to break 3000 decisively in the short term, bears will take charge and short with hedges.
If FPO doesn't go through, targets to reach are 2200 and 1500.

On the flipside, bulls will take charge after 3250-3300 and short sellers will be punished heavily. So hedge accordingly.

Best options to trade 3000 PE and CE with hedges.

Comment:

best trade of the year till now