The market is going to remain a range of 8,800 on the downside and close to 9,000 on the upside, said Shrikant Chouhan, senior vice president (equity technical research) at Kotak Securities.

Chouhan pegged the outcome of the UP polls as a bigger event for local markets than what the Fed chooses to do about interest rate. He said a Fed rate hike has been discounted at this point in time, however, outcome of the UP election, depending on whether positive or negative for the BJP-led NDA government, could trigger a major move on either side.

“In case of a negative outcome, the Nifty support level to watch out for would be 8,700,” he told BloombergQuint in a phone conversation.