if one drops a year after taking iit jee coaching for two years , after not qualifying in first attempt. what are the chances of selection? and what should be strategy for secong attempt?

Since you have given JEE so you know what are topics are important and how the question are asked. You just have to analyse the paper first. This will help to know your weak areas and improve on them. Also your strategy should be to practice hard. You were less in your efforts therfore didn't qualify so just practice quality questions from standard books and materials you have. Just focus on developing your concepts.

Practice from books like ASHISH ARORA, SK GOYAL, HCV,HIMANSHU PANDEYSolve papers as much as you can and then you will have a strong grip on your concepts,NEVER engage yourself in previous years question papers too much as new questions are added every year and you will not be ready for these.

Developing self confidence is also necessary for attempting the paper as attitude also matters a lot.

Hope this Will help!!