Correction not over; Nifty may break 8000: Jai Bala

With the market decline, which started at 8,800 on the Nifty, gathering pace, and the benchmark breaking below its 200 day moving average of 8,250, the bottom may still be some way off, according to technical analyst Jai Bala of 1857 Advisors.

In an interview with CNBC-TV18's Ekta Batra and Anuj Singhal, Bala said that while the market was due for a bounceback in the immediate term as it was "oversold", he recalled his conversation on March 4 and March 20 when he had said the current correction would "longer and deeper" than the ones in the past.

"At the moment, the structure remains the same," he said. He did not lay much importance to levels such as the 200 DMA, but he marked out 17,700 on the Bank Nifty and 8,125 on the Nifty as levels where one could "start to fish". "But if they break, the Nifty could come down to 7,900."

At a fundamental level, even as many individual stocks have corrected 25-30 percent, there should be no urgency to buy stocks, according to veteran broker Dipan Mehta.