I have made my views clear in a post on financials few posts back. They remain the same. While there is no doubt that financials have over the years been big wealth creators and may in future also be wealth creators, I think post the kind of drubbing most of them have received it will take some consolidation in form of time wise correction and price consolidation in a range before they can start moving up.
In the short term because of excessively oversold conditions in the sector, there can be sharp bounces but if one wants to buy for the really longer term, one can wait on the sidelines. Or if at all one still wants to buy, the buying has to be staggered over next few months/quarters.
The problem with a leading sector of bull markets is that investors tend to keep their hopes pinned on the sector even if the story in terms of price action seems to be over. The justification offered is that price wise it has corrected x % from top or fundamentally speaking, post this correction a lot of negatives are priced in and so on and so forth.
Coming to the list of stocks you have prepared, I think the current correction will offer great chances to own the best financial stocks i.e no brainers (if at all there is something like it in a sector which has received such solid pounding ) which too have corrected. The best among the lot would be companies which have emerged stronger post each crisis. e.g hdfc bank, kotak, bajaj finance gruh. Personally I would still be watchful and careful before taking a very long term call.
Ideal thing to do in current situation is to look at the companies posting decent results since past few quarters on a consistent basis and make a list. Then try and study them in an effort to see if the results shown are likely to be sustained forward and what kind of variables can affect these businesses. The quality of management and business is of course of paramount importance. Concalls, annual reports and trying to understand the sectoral tailwinds would help in making a call whether the earnings momentum is sustainable or not.
Once all these things are done, one has to keep monitoring the list and see how the stocks in the list behave. At the fag end of the correction, these stocks would stop falling in tandem with markets and would consolidate in small tight ranges or make attempts at small rallies which might/might not be sold off into. But the lows posted during past correction are more than likely to be held during each round of sell off. And once these stocks come of the tight ranges they have formed with good volumes, one should consider buying. Atleast thats what my plan currently is.
I Know its difficult to adhere to if the stocks you want to buy keep falling. But rather than buying a stock which is on its way down I personally prefer to buy stocks which are in tight consolidation range or are showing signs of an upmove.