CNBC-TV18's, Head Market Research Analyst, Anuj Singhal : Last week was pretty bad for markets, capped by a horrendous session on Friday. For the first couple of days, it looked like only a bit of a pause and fatigue, but by Friday, there were serious question marks on whether the relief rally has had its run.

There are a few pointers, which indicate a weak bias. FIIs net sold in Nifty futures on all 5 days, there was selling in frontline stocks and by the end of the week, Stock futures began to shed Open Interest. And of course all of this came on back of weak global markets

While its premature to say whether the market will go back to test its previous lows, I think bulls would be happy if Nifty hovers around 5000 and in worst case, does not go below 4800

In individual stocks, there was selling across the board. Oil related stocks got punished because of the kind of over ownership we had seen over last couple of weeks, so RPL, RNRL, Hind Oil were all down and down quite a bit. There was huge profit booking in midcaps like Arvind Mills and Alok Ind

Watch out for Bharti. It showed signs of short covering on Friday. Also watch out for DLF. It saw shorts for all 5 days of last week and a relief rally may be in store

DISCLAIMER: The author is not allowed to trade in equity markets including Futures and Options. His only exposure to capital markets is via shares of TV18 and Network18 granted to him as ESOPs by the company and investments in some long-term mutual funds.