Nilesh Shah anticipates a volatile 2026 for equities, predicting moderate gains driven by earnings growth and domestic buying, contrasting with CY25's strong performance in precious metals. He advises investors to focus on asset allocation, patience, and quality investments for long-term rewards, emphasizing agile duration management for fixed income. Shah expects the Nifty to achieve its tenth consecutive positive calendar year close, with potential for double-digit earnings growth despite elevated volatility from geopolitical and policy factors.