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Nifty closed above the level of 17,000 for the first time on August 31. The Banking index also gained some momentum and closed at its multi-week high of 36,424.60.

The market is likely to move towards 17,250-17,300, tracking strong global cues.

Technical charts suggest that the banking index may outperform in the coming sessions as Bank Nifty has managed to close above the key resistance level of 36,400.

The bias is likely to remain in favour of bulls as long as Nifty is holding above 17,000 level.

Derivatives data suggests bears are now feeling uncomfortable at the current juncture as Call writers were observed unwinding their positions while Put writers were seen shifting to higher bands and added hefty open interest at 16,900 and 17,000 strikes.