If 18,300 is broken on the Sensex, then there can be another 5-7% further correction in the next 2-3 weeks, says Gautam Shah of JM Financial Services, on CNBC-TV18.

Below 18,300, the next logical support seems to be at 17,300, he says. Failure to make new highs after a bounceback is a negative sign, he says. He suggests selling on rallies closer to 5600-5700 on the Nifty. Wait for 5500 to be broken to add to your positions