Guys,
This is the biggest major correction in this 3 yr bull market. Index is down 15 % from peak. Technically 20 % fall can take it to bear phase ( as they say). At VP we generally don’t (should not) care about index level and focus on stock specific stories. As @hitesh2710 recently said market is always good for the one who is prepared and patient. Also psychologically correction is best time for PF rebalancing as switching is easier.
Some of us can take this correction as an opportunity to get into stocks we always wanted to buy and get rid of our weaker stocks. Some may not do anything as they say not doing anything is the best thing to do.Also it can be a good time to rebalance PF wrt PF allocation framework shared by @Donald i.e most undervalued and highest conviction should max allocation etc ( refer that thread).
I generally have a very concentrated PF having Ajanta, Can fin, Repco, Kitex, Cap first. During this correction I am nibbling in at lower levels Torrent Pharma and Avanti Feeds after their fantastic Q1, with limited downside in FY16. I am reducing Cap first during to prolonged slowdown in real state and LAP etc. At this time it can be a good strategy to have a very diversified PF for preserving the gains.
It would be interesting to know what others are watching buying.
It can make one prepared in case Index dips significantly from this level to buy from real good bargains, Also cash calls can be taken accordingly in counter rallies.
I dont know this is the right strategy or not, or sitting quite for this phase can be a better strategy for patient ones 
I am also watching Shilpa, Indocount, welspun, nitin, Alembic pharma, kaveri etc for any dips to be considered as a buy.
What is your watch/buy list
Any pointers/strategy/put buying for
Cheers
Santosh
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