Nilesh Shah, MD of Kotak AMC, advises investors to maintain disciplined asset allocation across equity, debt, real estate, and precious metals for 2026. He anticipates midcap stocks may outperform largecaps, driven by stronger earnings growth and fairer valuations. Gold and silver outlook remains positive due to central bank buying and industrial demand, though silver's price is sensitive to industrial use. Shah emphasizes earnings growth as the key driver for equity returns, with a double-digit outlook for 2026-27.