• ghrāṇa-dṛṣṭiḥ — whose vision is by sense of smell
  A compound describing the blind-with-rage elephant. The Gauḍīya note: sense-organ apprehension of Bhagavān is always partial; only the eye of bhakti (premāñjana-cchurita) sees Him as He is (Brahma-saṁhitā 5.38). A contiguous-token join of synonyms 'ghrāṇa' and 'dṛṣṭiḥ'.
• keśavam — Lord Keśava
  'He of fine hair' — and also, by Gauḍīya gloss, ka (Brahmā) + īśa (Śiva) + va (Viṣṇu), the source of the trimūrti. Even as the demon clutches His curls, the name reminds us Whom he is clutching.
• puṣkareṇa — with the end of his trunk
  The same word puṣkara names the lotus on which Brahmā sits — the elephant uses his 'lotus' (trunk-tip) on the lotus-Lord. Bhāgavata language plays this irony continually.
• prasahya — by force
  Kṛṣṇa frees Himself prasahya — by Bhagavān's own īśvara-śakti, not by struggle. Cf. Gītā 7.14: only those who surrender cross māyā; everyone else remains in the grip until He chooses to break it Himself.

• Where might Kṛṣṇa be allowing your inner enemies their illusion of progress before turning the table?
• What apparent 'capture' could actually be a setup for liberation?

Robbed of sight, the elephant tries to smell out Kṛṣṇa — but Bhagavān is not located by the senses of the envious. Even when the trunk closes around Him a second time, He frees Himself by force, showing that contact with Bhagavān without surrender is no contact at all.