While the stock markets started the new fiscal year on a strong note with the Sensex closing nearly 300 points higher and the Nifty-50 regaining the psychological mark of 10,200, Gautam Shah of JM Financial says that the stock market could see further correction going forward. In an interview to CNBC TV18, Gautam Shah, Associate Director & Technical Analyst of JM Financial said that Nifty-50 could retest the 9,800 mark. According to Gautam Shah, the Nifty-50 could see heightened volatility and correction due to pressures from the global markets. \u201cConsidering the fact that the setup for global markets, especially the US, is still negative, India will still have to feel the heat,\u201d Gautam Shah told the channel. According to the expert, the weakness in the Indian equity markets will be led by global markets. Further, Shah said that the the Dow could go down to to 22,000 on the while the S&P 500 could fall to 2,450 implying a 10% fall even from current levels. \u201cIf that were to happen, Indian markets will feel the heat and could lose 5-6%,\u201d he said. Sharing his stock market outlook on various sectors, Gautam Shah said that sectors such as oil & gas, PSU banks, and capital goods will weigh on the stock markets. According to Shah, IT, and FMCG which have not done well in the recent past, provide a good area to hide. Many experts point out that the stock markets will see increasing volatility due to political uncertainty back home and the rising global crude oil prices. The escalation of fears of a trade war between the US and China could also hamper the course of the stock markets going forward. According to Nilesh Shah of Kotak mutual fund, this is not the right time for lump sum investments in the stock markets. \u201cEven for those who are underweight, I would recommend systematic transfer plans,\u201d Nilesh Shah told CNBC TV18 recently.