Going forward into January 2018, we would prefer to be cautious and selective, especially in the mid- and small-cap segments, where valuations in several pockets are factoring in a sharp growth in earnings. The focus now is expected to clearly shift to the Q3 earnings season, wherein result outcomes would dictate the trend of not just the respective stock prices but also the market in the near-term. During the earnings season, market focus would also be on the upcoming budget (scheduled on Feb 1st). This budget being the last one before the General Elections in 2019 to appease the population and also post the BJPs unexciting performance in the Gujarat state election, the expectations of a populist budget have increased. Thus, sectors with rural focus like fertilizers, irrigation, affordable housing, construction and micro finance could remain in focus.