Vinay Jaising of JM Financial Services believes that valuations are close to peak for many stocks, including largecaps. He emphasizes the importance of bottom-up stock picking and focusing on mid and smallcaps with earnings visibility and growth drivers. Jaising also highlights the potential for outperformance in areas where the market is mispricing opportunities. He discusses the significance of domestic order book visibility and the potential for increased capex by the government and corporate India. Jaising expects that when interest rates are cut, loan book growth will improve and overall markets will become more robust as earnings visibility improves.