Light at the end of the tunnel? Gautam Shah sees Nifty eyeing 25,500, bets on smallcaps, pharma and Adani stocks

Market strategist Gautam Shah is constructive on Indian equities, suggesting Nifty could attempt 25,500 if it decisively breaks above the 24,000 resistance level, aided by easing US-Iran geopolitical tensions and resilient market behaviour. He downplays large-cap benchmark upside, citing AI disruption and valuation headwinds, and instead highlights a 'parallel bull market' in broader segments, smallcaps, and microcaps. Shah is bullish on renewable energy/power as a structural theme, reiterates strong conviction on top Adani Group companies citing a major relative-strength breakout, and favours pharma and select Adani stocks over index heavyweights.