Since the previous three instances, the upside for the Nifty50 index got capped at 11,700 odd levels. The index is now hovering in the range of 11,700-11,550 levels. The Nifty50 on 23rd October erased most of its morning gains and formed a small body candle with long wicks on both the ends which suggest the indecisive nature of traders. Currently, the Nifty pack is halted near a horizontal trendline resistance on the daily time frame. Two consecutive days Doji pattern on daily charts of Bank Nifty suggests indecision among the bulls as well as the bears. On the broader time frame (weekly), higher high higher low formation is still intact, which holds our bullish stand well intact for the medium term. Buying on every dip is advisable as most of the indicators and oscillators are in positive territory at the current setup. A decisive breakout above 11,700 levels will definitely open the gate for the Nifty50 to touch 12,000 mark in the coming weeks.