Technical Analysis Trend: Medium-term uptrend after long consolidation. Structure: Higher low formation and recovery back above ₹1,650. Price Behaviour: Reclaim of prior breakdown zone shows strength. Momentum: Upswing candles are stronger than downswings — demand dominant. Key Levels: Support: ₹1,600 → ₹1,520 → ₹1,450 Resistance: ₹1,735 → ₹1,964 zone Fundamental Analysis Business: Credit rating agency with stable, fee-based revenue. Tailwinds: Revival in debt issuance, infra financing, and capex cycle. Margins: High operating leverage when volumes rise. Risk: Regulatory and reputation sensitivity. Summary View Recovery phase in a structurally sound, asset-light business.

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