Vikas Khemani of Carnelian Asset Management suggests seasoned investors are focusing on bottom-up stock selection amid market consolidation. He holds constructive views on PSU banks, citing their transformation in asset quality and governance, and IT services, emphasizing long-term earnings growth and valuation comfort. Khemani anticipates improved foreign investor flows by 2026, potentially leading to a market rerating, and believes current market conditions offer opportunities for investors prioritizing sustainable earnings growth at reasonable prices.