Nifty breached the 11700 resistance and touched the high of 11856. The positive breakout has been on account of good inflation data, corporate results, China GDP and good monsoon predictions. Nifty formed a small bullish candlestick pattern on the weekly charts while on the daily charts it formed a small bearish candlestick pattern. Overall we have a positive outlook on Indian markets. Volatility could come in on account of election. Trade cautiously, resistance is at 11856 and support is at 11550, says Dinesh Rohira, CEO & Founder, 5nance.com.