Recent carnage in the Market definitely would give us sleepless nights.It is a Huge loss. But it presents a nice opportunity to pick some value picks like Tata Motors, RCom, 3i Infotech, ITC, Axis Bank, India infoline and PFC. This is not a comprehensive list. Thing is that don't get panicked. Today's late recovery is due to short covering . Some more pain is left. Then market would reach new peaks. So invest part of your cash now.