Nuvama’s technical analyst argues that after the market’s weak performance in 2026, small-cap stocks could lead the next phase of the cycle for about a year. In the view cited by NDTV, the analyst points to the ratio of small-cap stocks versus the broader market, saying it has broken out from a five-year period of consolidation. This breakout is presented as a technical sign that leadership may shift toward smaller companies rather than large or broad indices. The commentary is framed for investors seeking a potential “dark horse” theme for the upcoming market period, with the analyst’s expectation centered on small caps delivering relative outperformance. The reports do not provide specific price targets, valuations, or detailed scenario assumptions, but they consistently attribute the outlook to Nuvama’s technical analysis and the observed change in the small-cap-to-broad-market relationship.