Buy Maruti Suzuki, Sell M&M Today: Sanjeev Bhasin

Indian stock markets are likely to consolidate after the US Federal Reserve said its low interest regime will continue in near term. The US central bank retained language that it plans to keep short-term rates at a record low for "a considerable time" after it ends its monthly bond purchases in November.

Many investors interpret that to mean the first hike won't come until the middle of next year. This is good news for Indian stock markets, which have seen a record-setting rally on the back of huge foreign inflows.

Locally, markets have witnessed higher-than-expected volatility, which has hit high beta stocks.

Trading calls,

1) Buy Maruti Suzuki: 2970-2995, stop loss 2900, target 3150 (Maruti is also set to gain from a weaker yen. The US dollar has hit a six-year high against the yen)

2) Sell M&M: 1380-1390, stop loss 1414, target 1320

Also carry/accumulate previous calls,

Buy PFC: 240-243, 1 month target 265

Buy REC: 260-263, 1 month target 285.