Is it possible to run on jelly bean Android device when i set the target API -8 and minimum sdk api-8 in eclipse to make any project without any issue. If create any issue then what we have to do to resolve this.
When you set the target API to API-8 that means that your application is optimised to run on smartphone using API8, but still can run from minimum sdk to the last one out (or to the maximum set).
Android 4.2.2 relies on API level 17, so it should run without a problem.
See
As Android evolves with each new version, some behaviors and even appearances might change. However, if the API level of the platform is higher than the version declared by your app's targetSdkVersion, the system may enable compatibility behaviors to ensure that your app continues to work the way you expect. You can disable such compatibility behaviors by specifying targetSdkVersion to match the API level of the platform on which it's running. For example, setting this value to "11" or higher allows the system to apply a new default theme (Holo) to your app when running on Android 3.0 or higher and also disables screen compatibility mode when running on larger screens (because support for API level 11 implicitly supports larger screens).
http://developer.android.com/guide/topics/manifest/uses-sdk-element.html#ApiLevels