Where to exercise caution & where to buy in a market-on-steroids? Nilesh Shah answers

Nilesh Shah of Kotak AMC stresses the need to focus on quality stocks rather than momentum in the current market scenario. He identifies sectors like IT, FMCG, pharma, chemicals, and banking as having reasonable valuations. Shah also takes note of India's market resilience but cautions against excessive valuations driven by liquidity.