Tailing the previous week's gains, the Indian market extended the rally into this week as well, with Nifty once again surpassing 11,650 levels, backed by sharp gains in the auto, IT and banking sector.

On the derivatives front, put writers were seen shifting to higher bands while call writers were seen unwinding the positions which point towards more upside in the index for the upcoming sessions.

On the higher side, 11,800 would be the immediate hurdle for Nifty while the 11,600 to 11,550 zone will act as major support.

Bank Nifty is looking much positive on charts after giving an almost V-shaped recovery from 20,500 levels as positive divergences on secondary oscillators suggest the next up-move may be extended till 23,300 levels in the upcoming few sessions.

For this week, bias is likely to remain bullish and any dip in the prices should be used to create fresh longs.