“Indian equity markets, particularly midcap and smallcap segments, are turning a corner after a stealth bear market, with the risk-to-reward now positive. This shift is driven by improved market breadth post-Union Budget, strong Q3 earnings growth across market caps (largecap 12-13%, midcap 18-19%, smallcap 20-23%), and macro tailwinds like private capex and credit growth, with analyst upgrades expected in the next 2-3 quarters.”

Devang Mehta’s track record: 3 graded calls · 95% CI 0–56%