Expert view, May 22 -- Vikram Kasat, Head Advisory, PL Capital, believes the Indian stock market is digesting macro stress and it is not a structural breakdown. His base case is range-bound consolidation, with a meaningful breakout after oil prices fall and FIIs turn buyers. He suggests using this phase to accumulate quality on dips rather than chasing. Among the sectors, he is positive on financials (BFSI), defence and capital goods, pharma and healthcare, and power. Edited excerpts:

The near-term picture is genuinely guarded. Nifty is in a range-bound phase around 23,600-23,700, with Brent hovering near $105-111 and the rupee at record-weak levels around 96-97.

These three headwinds reinforce each other- higher oil widens the current ...