Traders work on the floor of the New York Stock Exchange (NYSE). The Dow Jones Industrial Average finished the day up over 50 points as it closes in on the 20,000 mark. Pic/AFP

On Friday January 6, Nifty closed a shade lower than below its crucial support level at 8249. Therefore, Nifty may remain sideways in a range bound manner, at least in beginning of this week. The range will be between 8315-8113. If there is a decisive move above or below these levels it can give us major direction. According to technical charts, down is extremely limited. On the other hand, Nifty has immediate resistance at 8422 and 8500.