Vikas Khemani, Founder CIO of Carnelian Asset Management and Advisors, anticipates the Nifty index to trade between 28,000 and 29,000 in calendar year 2026. He suggests that future market returns will be driven more by disciplined stock selection and sectoral leadership rather than broad index momentum. Khemani notes that Indian equities are entering 2026 on a strong footing, supported by economic growth, corporate earnings, and policy stability, while also benefiting from government infrastructure spending and a manufacturing push.