After the August 24th crash, prices have corrected to a large extent but still are highly priced.
Since your objective is long term, this is a wonderful time for you to invest.
You can bet on the economic recovery theme and pick stocks which are into construction, infra, power, metals etc.
Stocks such as Reliance Industries, Oberoi Reality, Sadbhav (Both companies) Tata steel, JSW steel and power( Both are a risky bet on the back of the end of global commodity super cycle, but domestic consumption might give them a filip), ILFS group stocks look good with the latest positive management commentary.
Coal India, Powergrid, KEC and Kalpataru are the best of best picks.
In the auto sector, Maruti is the top pick, Tata motors has corrected severely on the back of China troubles but their long term story is intact.
Hero in the 2wheeler space.
Auto ancilliaires space looks attractive with Motherson Sumi being the top pick, it has corrected from 380 to 280-290 levels and still is highly priced, but fundamentally its a brilliant company. Subros, Rico Auto, NRB Bearings are other good picks.
India is set to spend $200 billion on renewables so Triveni Turbine is my top pick and Suzlon is a good long term idea and their Debt burden is slowly decreasing. Ujaas Energy is also a risky bet one can take.
Sterlite technologies is a good pick for the Digital India theme and with broadband connectivity set to increase Sterlite will be a major beneficiary.
SBI, ICICI, CUB, DCB are my top pick in the banking space.
Infy and TCS are the evergreen picks in IT largecap.
KPIT tech in the midcap space.
Cipla, Dishman, Lupin and Granules in the Pharma Space.
TV Today, HT Media, Dish TV, Jagran Publications and Zee entertainment in the Media pack.
CCL Products is a strong company with good fundamentals, Dabur, Emami, HUL betting on the consumption theme.