Check out: SP Tulsian is a buyer in these select consumption stocks

Fundamental market expert SP Tulsian of sptulsian.com is of the view that if you take a call on the Nifty future and Bank Nifty future, both are seen to be ruling at a discount – 150 points for Bank Nifty and about 70-80 points in Nifty. That means the shorts are still seen to be in the system.

"There is no doubt that the volatility will keep happening because of the way US will behave and everyone will follow the US market. But maybe the US is also seen bottoming out. So, valuation has to come into the play. So, taking that into consideration, at least the theoretical bottom of 21,400 on Bank Nifty and 8,600 on Nifty has formed,” he added.

Stock specific,  on Jubilant Foodworks, he said, “When we have so much fear and panic, we get brave by making investments in such stocks. But I don’t think that this is the time to look into the stocks which are having such deep discounts in futures as compared to spot.  So I do not understand the valuation of Jubilant Foodworks,  as well as PVR. So, we will continue to have negative bias more because the future rates are seen to be ruling at much lower levels and that maybe is giving some kind of discomfort.”dd