Nifty likely to hit 8300 after current correction: JM Financial

Gautam Shah of JM Financial says for the short term, the level of 8,130-8,140 is important and in an optimistic scenario the pullback could end here.

However, keeping in mind that US VIX jumped substantially late last week and since the market has important events to look forward to, a deeper pullback down close to 8,000 is also possible in the current scheme of things, he adds.

Post this pullback, the index should be on course to take out 8,300 and move towards 8,650, Shah feels.Equity benchmarks lost more than 2 percent in last three consecutive sessions after rising nearly 7 percent in more than two weeks. Global growth concerns and uncertainty over Brexit spoiled the party.