Why put so much effort into this? NSE has introduced low volatility related indices and there are ETF available for tracking the performance too. One of NSE low volatility indices is NIFTY 100 Low Volatility 30 – https://www.niftyindices.com/indices/equity/strategy-indices/nifty-100-low-volatility.
In this link given, you have the research paper and methodology as well as constituents of the index. ICICI ETF is one of the popular one under this category. There are other strategical indices too for exploration.
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