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“Over a period of time, as largecaps take off, midcaps will come back sometime later because the FY25 earnings shows a great premium in terms of earning growth over the Nifty. It will take a pause now. The quality of midcaps in the institutional portfolio is not too bad. Most of the bubble seems to be in PMS and retail and that is huge.”

On Tuesday, oil prices reached their highest in 10 months, prompted by extended production cuts from Saudi Arabia and Russia.

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The design and distribution obligations (DDO) require firms to design financial products that meet the needs of consumers and distribute them in a targeted manner.

“The multicap category has been one of the best for this financial year so far because in the midcap category the best fund has underperformed, but here the best fund has actually outperformed the benchmark by about 3.3%. . Post Covid value has always outperformed the broader market large and value dividend yield have done phenomenally well .”

“Putting it together, two indicators are negative. The cycle indicator is mixed. And the past performance and earnings environment indicator is positive. So, we are not in a position to go underweight or overweight and so we will continue with the neutral stance. However, there are challenges making it very difficult to hold on to smallcap funds.”

“FIIs’ overweight position in India in the EM funds is only 100 bps right now. At its peak, which is about 2016-2017, it was 500 bps. If that positioning changes over the next year or two, bulk of the money will come into the largecap name. Relatively speaking, some amount of gradual shift out of midcaps into largecaps, especially the midcaps which are looking frothy, needs to be done.”

On the weekly chart, the stock has been trading near its Lower Band of Rectangle Formation which suggests the possibility of a bounce back in the counter. “Moreover, the stock has been trading above its 100 Weeks Exponential Moving average, suggesting that the trend is up only and we can see further an up move in the counter from the present level,” said KKunal V Parar of Choice Broking.