New Delhi, Oct. 6 -- Stock-specific opportunities are likely to gain importance in the Indian equity market as global uncertainty, tight liquidity and external pressures limit broad-based gains, Axis Direct said in a report.

The brokerage said the market has entered a more selective phase, with strong domestic activity providing support while global conditions remain challenging.

"The environment continues to favour Quality and Momentum, but requires greater selectivity and tactical risk awareness as external conditions become less supportive," Axis Direct said.

According to the report, the market correction in September reduced the effectiveness of trend-based investment strategies across factors, with risk-adjusted returns declining ...