Long
Long
VIJAYA holding tight above its first baseThis one took a long time to set up.
Stock topped in February 2025 and then spent fourteen months going nowhere. Long sideways drift under a falling trendline, price rangebound between roughly 900 and 1100 for most of that stretch, averages flat to down. A final flush in April 2026 took it to the low. Nothing to do through any of it.
The turn came in late April and May. Price came off the low, cleared the trendline and both averages, and ran hard. From under 900 to over 1300 in a few weeks.
Then the first base. Roughly three months from May through August, wide range, price chopping sideways while the rising average worked up from below and eventually caught the lows. That is exactly what you want, the trend resting rather than reversing.
Base 1 broke in mid August with a strong push through the top of the range.
Since then it has been building the second base. Tight, about four weeks, sitting right above the previous breakout level. Today it touched 1578 intraday before closing at 1509, so there was some supply at the highs, but the close is still inside the range and nothing is broken.
Fourteen months of nothing, then a 70% move in four months. The base is not wasted time. It is where the setup gets built and where most people give up on the stock right before it goes.
Watching this second base now. Valid while the base low holds. Close back under it and I stand aside.
Not a recommendation, just sharing what I am watching. 
Long
Long
NAZARA holding its base at the highsStock topped in August 2025 and then spent nine months going nowhere. Gapped down hard in late August, then ground sideways to lower under a falling trendline all the way into April. Averages pointing down, every rally capped, price making lower lows. Long stretch of Stage 4 with nothing to do.
Bottom came in April. Price came off the low, reclaimed the short term average, and pushed through the falling trendline in mid May on the first proper volume bar of the move. That was the handover into Stage 2.
Then it built the first base. Nearly three months, May through July, sitting on the long term average while the short term average worked up through it. Choppy and slow, and price tested the base low a few times without breaking it.
It broke out at the start of August with a strong move and volume expansion. Price cleared the whole range and did not look back.
Since then it has been building the second base at the highs. About five weeks sideways, tight, holding the rising average on each dip. Today up 1.11%, closed at 372.50 near the top of the range.
Nine months of nothing, then the structure changes and the stock moves. That is normal. The base is not wasted time, it is the setup being built.
Watching this second base now. Valid while the base low holds. Close back below it and I stand aside.
Not a recommendation, just sharing what I am watching. 
Long
Long
Long
Long
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Long
JINDAL DRILL## Jindal Drilling & Industries Ltd. (CMP ₹678.00, NSE: JINDRILL)
**The SmartWay Research Desk | 9 September 2026**
A New Delhi‑based offshore drilling and oilfield services company, incorporated in 1983. Jindal Drilling is part of the **D.P. Jindal Group**, engaged in **offshore drilling rigs, oilfield services, and seamless casing pipes** for exploration and production companies.
**Promoter Holding (Jun 2026):** **D.P. Jindal Group — ~66.8% stake (no pledges)**
---
### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹1,242 Cr vs ₹1,842 Cr in FY25 (‑32.6% YoY). → **Weak**
- **Net Profit:** FY26 PAT ₹82 Cr vs ₹212 Cr in FY25 (‑61.3% YoY). → **Weak**
- **Operating Margin:** FY26 EBITDA ₹162 Cr, margin 13.0% vs 21.2% last year (‑820 bps). → **Weak**
- **Equity Capital:** Stable, face value ₹5. → **Good**
- **Dividend Policy:** Dividend ₹1.50/share declared for FY26. → **Neutral**
- **Asset Building:** Investments in **rig modernization and offshore expansion**. → **Good**
- **Sales:** Dependent on **crude oil cycles and ONGC contracts**. → **Neutral**
- **Expense:** Employee and infra costs remain elevated. → **Neutral/Weak**
- **EPS:** FY26 EPS ₹11.25 vs ₹29.10 last year (‑61.3%). → **Weak**
---
### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~66.8% (no pledges)
- **FII Holding:** ~0.6%
- **DII Holding:** ~0.2%
- **Retail & Others:** ~32.4%
---
### Strategic Moves & Innovations
- Expansion in **offshore drilling rigs and oilfield services**.
- Focus on **long‑term contracts with ONGC and global E&P companies**.
- Investments in **rig modernization and safety compliance**.
- Diversification into **seamless casing pipes manufacturing**.
---
### Cash Flow & Balance Sheet Strength
- Market cap ~₹1,750 Cr.
- Debt‑to‑equity ratio ~0.12 (low leverage).
- Book value per share ₹548.00; P/B ~1.2.
- EPS (TTM) ₹11.25; P/E ~60.2.
---
### Risk Factors
- Very high **P/E ratio ~60.2**, valuations expensive despite weak earnings.
- Dependence on **crude oil price cycles and E&P activity**.
- Volatility in **quarterly earnings due to contract timing**.
- Competition from Aban Offshore, Selan Exploration, and global offshore drillers.
---
### Investor Takeaway
Jindal Drilling has shown **volatile performance in FY26**, slipping into weaker margins and profits after strong FY25. Promoter confidence remains high with ~66.8% stake. The company’s long‑term outlook depends on **oil price stability and offshore drilling demand**, while near‑term risks include earnings volatility and contract dependence. At CMP ₹678.00, valuations are **expensive (P/E ~60.2, P/B ~1.2)**, making it a **high‑risk cyclical play** tied to crude oil cycles. 
Long
Long
Maruti Suzuki: Reversal Signs Emerging on Daily ChartMaruti Suzuki: Reversal Signs Emerging on Daily Chart
Maruti Suzuki India Ltd. – Technical View
CMP: ₹13,824
Stop Loss: ₹13,170
Targets: ₹14,570 | ₹15,440
Maruti Suzuki is showing encouraging signs of a potential trend reversal on the daily chart. The price structure resembles a Cup & Handle, Double Rounding Bottom, or even a Volatility Contraction Pattern (VCP)—all of which are considered constructive bullish formations when confirmed by a breakout.
From a broader perspective, the stock appears well-positioned for a fresh upside move if buying momentum continues. Additionally, declining crude oil prices could act as a supportive macro factor for the automobile sector, potentially benefiting Maruti through lower input and logistics costs, subject to broader market conditions.
Risk Management
Maintain strict stop-loss discipline.
Control position sizing.
Avoid overexposure in a volatile market.
Pyramiding can be considered only after a sustained move above key resistance levels with confirmation of trend continuation.
Consider partial profit booking near Target 1 and trail the stop loss thereafter.
⚠️ Be cautious in volatile markets. Maintain strict stop-loss discipline, control position sizing, avoid aggressive pyramiding, and do not overexpose capital.
⚠️ Clarification:
This is an independent analysis based purely on technical and market study. No part of Religare is involved in this view or recommendation.
📝 Important:
I am not responsible for any loss or profit incurred. I am not taking any fees for these views—just sharing my analysis for educational and informational purposes.
📉 Disclaimer:
Not SEBI-registered. Please do your own research or consult a financial advisor before taking any investment decision. 
Long
