The address in my passport is not updated. I want to give my present address for my Aadhaar application. Is that possible?

YES. A valid Indian Passport is mandatory as a Proof of Identity (PoI) for NRI applicants. You may choose to give any other Indian Address with a valid supporting Proof of Address (PoA) as per the list of documents acceptable by UIDAI: https://uidai.gov.in/images/commdoc/valid_documents_list.pdf