Harsh Doshi

India's greatest investment advantage isn't its demographics, its digital stack, or its $3,000 per capita inflection. It's the fact that every time India has been pushed to the wall — famine, bankruptcy, sanctions, market panic — it has come back structurally stronger. Every. Single. Time. We studied 10 defining crises across 78 years. The pattern is unmistakable: pressure in, capability out. Gold pledged in 1991 → economy liberalised. "Fragile Five" in 2013 → $640B forex fortress today. 2 mobile units in 2014 → world's #2 manufacturer by 2025. Our latest deep dive: "The Pressure-Forged Economy" — why India's resilience is not a feature to admire, but the feature to allocate to.

Nifty50 - Triple Positive RSI Divergence. Major Bottoms. In simple terms, a RSI Positive Divergence is New lows on Nifty but higher bottoms on Daily RSI. This setup has worked brilliantly to spot Risk-Reward Entry Points near Bottoms in the last 10 years. Examples below

Insiders buying from open market - interesting stocks where promoters are actively buying from the open market. Do your own research, Not a Reco. Marathon Nextgen Realty - CMP 392 Promoters bought > ~2.8 lakh shares in Mar’26 > worth ~₹11–11.5 Cr > at ~₹411/share > ~0.42% equity increase Operates in Mumbai Metropolitan Region (MMR); exposure to infra developments like Navi Mumbai Airport, Atal Setu, and Metro expansion Business spans residential and commercial segments > Residential: luxury (Monte South), mid/affordable (NeoHomes, Nexzone) > Commercial: Futurex, Millennium > Mix: ~26% luxury, ~24% mid-income, ~30% commercial Proposed merger of 7 promoter group entities into the listed company > Adds ~400 acres land > ~4.2 crore sq ft developable area > Key locations: Panvel, Bhandup, Dombivli > Promoter gets shares of MNRL at: ~₹575/share > Net debt reduced from ~₹838 Cr to net cash position > ₹900 Cr QIP (June 2025) > 1.62 Cr shares issued at ₹555.13 > ~₹340 Cr used for debt reduction QIP participants: DIIs: > Quant Mutual Fund (~39.4%), > Samco Mutual Fund, > Kotak Alternate Asset Managers, > SageOne Investment Managers, > Buoyant Capital, > Brescon Opportunities Fund FIIs: > Maybank Securities (~14.4%), > Zeta Global Funds (~9.5%), > Morgan Stanley Asia, > Citigroup Global Markets, > Nomura Singapore, > North Star Opportunities Fund, > Eminence Global Fund PCC, > Necta Bloom VCC Disclosure: nooreshtech.co.in/ra-disclosure Other Interesting Stocks > Maharashtra Seamless - x.com/nooreshtech/st…

Insiders buying from open market - Will be listing interesting stocks where promoters are actively buying from the open market. Do your own research, Not a Reco. Maharashtra Seamless - CMP 577 • Promoters ↑ stake to 69.81% (from 59.8% in 2017) • Recent buy: 6.3L shares / ₹34.6cr @ ₹549 (Q4 FY26) • Stock didn’t make new lows in Jan–Mar’26 correction • Business: supplies pipes for oil & gas drilling • ~33% order book from ONGC/Oil India • Market share: 55% seamless | 18% ERW • Only Indian player with full range up to 20 inches • Industry structure: limited domestic competition (exits/bankruptcies over time) • Imports still ~20–25% of market (incl. China) • Anti-dumping duty (since 2021) + DMI/SP policy support domestic players • PSU tenders ≤₹200cr restricted to domestic bidders • USTPL acquisition: – ₹550cr total investment – ₹100–200cr EBITDA annually – ~₹375cr tax benefit from accumulated losses • Balance sheet: – Debt: ₹1,145cr (FY20) → 0 – Net cash: ₹3,404cr (~half mcap of ~₹7,215cr) – Investments: ₹1,007cr (FY20) → ₹3,385cr (Sep’25) – Liquid investments: ₹3,414cr • Earnings trend: – Profit: ₹121cr (FY21) → ₹952cr (FY24) → ₹777cr (FY25) – EBITDA/ton: ₹20,020 → ₹12,074 (Q3 FY25 → Q3 FY26) – Revenue growth relatively flat; other income contributing • Industry demand: – Linked to ONGC/Oil India drilling activity – India oil production ↓ 2.5%, gas ↓ 1% (FY25) • Valuation: ~9x PE | 1.1x PB (BV ~₹490/share, ~half in cash) • Return ratios: ROCE 16.6% | ROE 12.9% (vs ~23% ROCE in FY24) Disclosure: nooreshtech.co.in/ra-disclosure

Nifty - Historical Corrections - Monthly Charts 1) 2000 to 2001 -53% in 1yr 7m 2) 2004 -35% in 4m 3) 2006 -31% in 1m 4) 2008 -64% in 9m 5) 2010 to 2011 -28% in 1yr 1m 6) 2015 to 2016 -25% in 11m 7) 2020 -39% in 2m 8) 2021 to 2022 -18% in 8m 9) 2025 -17% in 7m 10) 2026 -14% in 2m

Bounce or Rally after Smallcap Pessimism is Crazy and Sharp !! nooreshtech.co.in/2026/03/bounce…

India’s largest LNG consuming sectors include: - City gas distribution - Fertilizers (Fertilizer sector alone consumes ~50% of LNG imports) - Refineries

Cargo Number - January - 38 LNG cargoes received - February - 28 LNG cargoes received - March (till date) - 10 cargoes received - GSPC purchased Nigerian cargo at: $21/MMBtu. (jumped above $20 per MMBtu)

LNG - Key facts India needs 1–1.5 million tonnes i.e. 23 cargoes of LNG per month. (more than half of India’s fuel imports.) Qatar Supply Trend - January: 1.5 million tonnes - February: 1 million tonnes - March (so far): 190,000 tonnes - Gap of ~1.2 million tonnes.

We all are collateral damage !!

QSR Sector Deep Dive open.substack.com/pub/dhruva/p/i…

Nifty Daily RSI @ 25.38 Since 2000, Nifty RSI has taken support in the range of 22-24 Roughly 4 times it has gone below the 22 mark (2001, 2004, 2008, 2020)

@AnushOswal @nooreshtech BSEINDIA share.google/GQNx04DxAGNISU…

@nooreshtech nooresh, what is your data source here? curious if nse/bse does have direct visibility

KRBL - Previous Resistance becoming Support

PFC vs REC

RAC Market ◇ 9 bad seasons in 25 years ◇Market still expanded from 5lk to 1.5 crore units ◇Future will still face currency, commodity & regulatory challenges ◇But one mega tailwind — rising per capita inc. — can unlock 12–15% growth, with 20–25% acceleration beyond $4,000

Platform and algorithm risk - Increasingly exposed to changes in Google’s search algorithms - The industry is pushing towards diversified traffic sources (apps, direct sales, social) to reduce dependency on Google.

The gaming industry is maturing from growth at any cost to profitable growth driven by known brands and data-driven marketing

Gaming industry trends (from Nazara Tech) Indian Gaming Ecosystem - India is one of the largest markets by game downloads - Top 1 on Google Play and Apple App Store in terms of downloads - But not yet in the top 10 by monetization