I experienced a huge jump from 200 over ranking to 15 after the recent update by google for my keyword, but has the update stablised.

Tarun,
This update is nowhere near stable, but with that type of jump you can expect to see a good improvement :-)

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I was wondering...my backlinks have increased in google from 8 to 17 i was expecting more, is it possible that the update for backlink is still on and the fugures might increase.

#1 - It can take up to a few months for all of your backlinks to start showing up, google is very finnicky when it comes to backlinks

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