After tracking multiple market cycles over the past three decades, Jainam Broking Managing Director and Chairman Milan Parikh has shared his assessment of the investment landscape for the next 12–18 months.

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Parikh’s outlook covers major asset classes, including equities, gold, silver and fixed income, along with the rupee, interest rates and the changing risk-reward equation across large-, mid- and small-cap stocks.

He noted that investor behaviour tends to remain similar across market cycles, with participants often repeating mistakes despite changing economic and market conditions. According to Parikh, investors need to look beyond headline earnings and valuations when assessing opportunities.

The equity market remains a key area of focus, particularly as investors weigh valuations and the relative attractiveness of large-, mid- and small-cap stocks. The next phase of the market could depend on how earnings, economic growth and interest-rate expectations evolve.

Gold and silver also remain important considerations amid changing global conditions and investor demand for alternative assets. At the same time, fixed income could attract attention as interest rates and the broader monetary policy cycle influence returns and portfolio allocation.

Currency movements are another factor for investors to monitor, with the rupee’s trajectory linked to global yields, capital flows and broader economic conditions.

Parikh’s assessment highlights the importance of evaluating risk and reward across asset classes rather than relying on a single investment theme. For the coming 12–18 months, market direction is likely to be shaped by earnings growth, interest rates, global developments and valuations.