Follow the ‘Dharma of Asset Allocation’, says Nilesh Shah; sees midcaps outperforming in 2026

India market outlook 2026: Kotak AMC MD Nilesh Shah advises disciplined asset allocation as equity returns hinge on earnings growth. Gold and silver outlook remains positive due to central bank buying, while midcaps may outperform largecaps. PSU banks, pharma rotation and selective IT revival to shape investor strategy in 2026.