As there is more good than bad on the charts at the current juncture, with the index still trending above the daily 8EMA and holding above its 38 per cent retracement of the up move. This makes us believe that the area of 11,700-11,720, which is a crucial resistance, should be on test soon. Stocks in news: Mahindra & Mahindra, GVK Power & Infrastructure, Vodafone Idea, Dr Reddy’s Laboratories and Reliance Industries.