Last week, the markets on the domestic front gave up gains on the back of selling in the counters and weak global cues. Nifty was seen crossing below its 50 DMA on the broad based sell off. But rebounds of global conditions supported the markets.

Sensex and Nifty closed down around 1.4 per cent and 1.2 per cent respectively. In the short term we can expect a range of 8144-8335 levels, a break above or below can give major direction to the market.