You are right in the assumption that market cap versus opportunity size is a very important factor in unravelling multibaggers. But it is only one of the important parameters to look at and consider. There are a host of other factors, most important among them being growth in sales and profits.
I tried decoding the multibagger mystery in the following video. https://youtu.be/-3BpExbdZ8A?si=0Ty-o_Reo9-yUiA9
Personally I think there is no fixed market cap limit to look at. If opportunity size is big enough, market cap will not matter much.
Coming to sectors that offer good chances for uncovering multibaggers, at the current elevated market levels, it makes sense to behave in a contra manner and try to look at sectors that have been in a corrective mode since long and are showing some signs of green shoots on fundamentals and or charts. Some of the stocks in cyclical sectors like chemicals, textiles, cement etc might be worth looking at.
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