Value Buy in current Turmoil

Dear Investors,
Market is plummeting every day with no hopes to see the bottom.
This is pessimist in nature, but also provides the good opportunity to BUY certain good quality, value specific stocks.

Please share suggestions on which stock to accumulate, from which price.
Add a reasoning, why you think the stock price will increase when the sentiment recovers.

The investment horizon is atleast 3 years or longer.

HCL Tech is the result of my fundamental analysis on strong growth, value stocks from a few months ago.

Currently Mind Tree, HCL Tech, Cera, Ajantha Pharmaceuticals and E Clerx are undervalued companies with strong growth potential.

I wouldn't enter an undervalued company unless the indices have a P/E ratio of less than 16.

Is reason for this preference of PE ratio below 16 related to the theories of Graham or Buffet? As of today, Nifty PE is at 19.69

@natjay, a member of Traderji mentioned about using P/E to time index entries. I took this further and used P/E ratios of the SENSEX/NIFTY to help me time entries for value investing.

When markets are inexpensive, most companies including undervalued companies are still inexpensive. When the P/E of an indice is 24, some companies would appear to not be undervalued and available at a price above their intrinsic value. When the P/E of an indice is at 16, those companies that appeared expensive (when the P/E of indices were at 24) may now (when the P/E of an indice is at 16) be available at a discount to their intrinsic value.

Edit:
If I were to enter an undervalued company now and the indices slide further down to P/E 16 (the P/E ratio average of the DOW for the past ~100 years), I would have entered at a price higher than the price would be when indice P/E ratio is at average.

Steel, banks and Tyres,are looking good now, trading below intrinsic value

Axis bank looks like the strongest bank but apart from negative free cash flow, I don't really understand why HDFC bank has performed much better.

less Net NPA ,that's the reason for HDFC bank and Yes bank to perform