what will be the cause of redirection loop while accessing view settings page
Five things I would check:


.htaccess rewrite rule?
Faulty alias? Check the table url_alias for any entry that contains admin/structure/views.
Redirect? If you have any redirect modules installed (globalredirect, redirect), check if there is a redirect set for the path in question.
Otherwise check the table menu_router, look for the path in the path column and see which function is set in the page_callback column. In D7 with Views 3 this should be ctools_export_ui_switcher_page.
Check your servers access and error logs to see if there's anything suspicious.