After an extended weekend, the Indian market began this week with sharp gains as the Nifty rose more than 2 percent to reclaim 14,800 level on the back of a sharp surge in IT counters along with FMCG, metal and pharma stocks.

On the derivatives front, Put writers were seen adding hefty open interest at 14,600 and 14,700 strikes, while Call writers were seen shifting to higher bands, which point towards strength in the current rally.

Now, 15,000 Call strike holds the maximum open interest of nearly 43 lakh shares, which should act as an immediate strong hurdle for the Nifty.

On the technical front, the Nifty has once again managed to close above its short-term moving averages on the daily interval and witnessed a V-shaped recovery from the lower levels, which point towards the continuation of the rally in prices on short-term charts.

In the upcoming sessions, 14,600-14,500 would act as strong support for the Nifty with bias likely to remain in the favour of bulls as long as 14,500 remains intact.