With the Nifty taking out the 8,000 mark, which it had successfully defended during the previous correction, what is the way forward now?
"In the very immediate term, the Nifty may attempt to claw back to 8,000," technical analyst Sudarshan Sukhani told CNBC-TV18's Latha Venkatesh and Nigel D'Souza.
"But the trend is clear. This market is going down. We should remain on the short side till as long as the Nifty is below 8,200."
Mayuresh Joshi of Angel Broking concurred with the view, saying that technical factors as well as margin calls being triggered could take the market lower in the immediate term.
"If something goes wrong on the macro, say Greece, you could even see 7,500 levels," he added.
But Joshi maintained that with the correction, a lot of stocks had started to look cheap and investors should keep their "shopping lists" ready and even start buying slowly into the decline.
"Valuations are turning positive for the private financials, top-tier IT and some large-cap pharma stocks," according to him.
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