Yes this correction is certainly an opportunity to nibble some of the quality mid and large cap stocks which have fallen with the rest of the markets without any reason. After Satyam saga, the corporate governance has again come into limelight. Any company having any kind of governance issue whether big or small is being punished brutally by the market. Welspun Corp, Akruti city are some of the example which fell like 9 pins on Friday because of news of stock price manipulation in cordination with stock brokers. So one should stay far away from those names and should avoid any kind of bottom fishing. Any company having any kind of news regarding the governance should be completely discarded at this stage. They might rise a bit tomorow but its safer to not invest in tainted companies, as one never knows how greedy is the management and what else has happened in the company which is yet to come out in public. Satyam was a big lesson for every one.
But because of panic some really genuine companies have also corrected in the recent fall. One can look at some of the bluest of the blue chips like NTPC, Bharti, Axis bank etc and start acummulating slowly at each fall. They have got very professional & honest management and are available at reasonable valuation and are expected to perform well over medium to long term. One can also look at some of the quality mid cap companies having good professional management, governance & reasonable valuation like Federal Bank, Firstsource, Zensar Technologies, Godrej Properties etc. But one should avoid exhausting his entire budget for investing in one shot and only invest at correction in small lots.