Prepare for narrower breadth and selective rally for next 12-18 months: Pankaj Tibrewal

And if you look at in the past, never the upgrade or the downgrade cycle stops in one quarter. What we call is momentum and fundamentals continue for some more time and I believe that the FY26 numbers further needs to be trimmed as you move into the third and fourth quarter. And the breadth of the rally will become narrower and narrower.