Nifty closed at 12,055.80 down 0.52 percent on January 28, tracking weak global cues.
After trading in a range of 12,270-12,180 odd levels during the five sessions, the index has seen a breakdown from the range, indicating the resumption of correction.
Now, the immediate support is seen at 12,000 where rising support trend line connecting lows of 11,832 and 11,930 are seen.
Breaking below 12,100, the next support is seen at 11,800 and then 11,630. On the upside, resistance is at 12,270 which needs to be crossed and sustained on the tradable basis for an upmove towards 12,400-12,500.
In Nifty January monthly expiry options, maximum put open interest is seen at strike price 12,000 and 11,500, while the maximum call open interest is seen at 12,200, followed by 12,300.
A significant amount of call writing was seen at strike price 12,100 and immediate strikes, indicating overhead resistance for the market at 12,100-12,200 and support at 11,900.
India VIX closed at 17.3, up by 0.7 percent for the day. India VIX is expected to remain at elevated levels as the market approaches Budget this week.
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