After two consecutive days of fall, the Indian market recovered sharply on January 19 as the benchmark Nifty posted a gain of 240 points in a single-day and reclaimed 14,500 levels.

Bank Nifty also reclaimed 32,400 levels with support coming from HDFC & Bajaj twins.

On the derivatives front, Put writers were seen adding hefty open interest at 14,300 & 14,400 Put strikes while Call writers shed open interest at 14,500 strikes.

In the upcoming session, the market can witness a follow-up rally as there is still a lot of outstanding positions held by Call writers.

On the higher side, immediate resistance is placed at 14,600 for Nifty while Bank Nifty has a strong hurdle in the zone of 32,600 to 32,800.

Any decisive move in Nifty beyond 14,600 could trigger further short-covering which could take Nifty towards 14,800.

However, volatility is likely to grip the market on the back of the ongoing quarterly result season while bias would remain in favour of bulls as far Nifty is holding above 14,300 levels.