Indian Benchmark Index Nifty had a negative last week which was the result of a combination of local and Global factors. The local being, currency notes reforms initiated by the government which is bringing in temporary pain to the economy and thereby affecting sentiments. International markets are polarized between developed and developing ones where the developed markets are outperforming with the Dollar Index trading above a 6 year high breakout of 100.56 and the next target at 102.7, Dollar from emerging markets like India are flowing out, similar phenomena was seen the last time in November and December 2015, where markets fell sharply.Nifty support stands at 8040 and if breached can take it to the low of 7930. So the bulls need to defend it. Heavy FII selling in the markets, worth Rs. 10542 Cr in just 7 days, also signals the selling intensity in the markets.Banking stocks fell last week and Bank Nifty has given a close below 19000 a lowest closing in fourteen weeks. The markets are set up for the start of the expiry week and sentiments being negative with Big FII selling will test the support of 8040 in Nifty and 18800 in Bank Nifty.Nifty Futures is expected to open at 8085 as per SGX Nifty at 8:30 am IST, which is 15 points above its previous close of 8070.