Prashant Jain, ED & CIO, HDFC Mutual Fund has a history of being ahead of the markets. He has been able to do this by positioning his funds for the next cycle. The markets in India have moved in cycles that play out over six to eight years. Real estate, engineering and construction companies, which were once market darlings in the bull run of 2007, now languish at a fraction of their peaks. FMCG and NBFCs are today's favourites. What's next? Ask Prashant Jain.