New to such queries, so could not understand much. But, the change you said just adds the date given. I had to start with the same date, but corresponding to a value between 1-7 and wrap over the date increment.
Understood the basic query suggested by you, made some changes to get what i wanted.
SELECT '2010-05-09' + INTERVAL dw-(3-1) DAY AS running_date,dw
FROM test_table where dw >= '3'
SELECT '2010-05-09' + INTERVAL dw+(8-3) DAY AS running_date,dw
FROM test_table where dw < '3' ;
Here 3 can be anything between 1 and 7, which we have at hand.
Thanks Again. Problem Solved:)