As the Sensex drops 400 points and the Nifty dips below 18,700, the bulls take a break.

The flagship stock index Nifty created a little red candle for the second straight day on the daily chart, signaling the return of slight profit booking in the market from all-time highs, as traders booked profits in step with the mood of the global market.

A lengthy, upward-shading positive candle formed on the weekly charts. With higher peaks and bottoms, the chart pattern continued to be bullish. Analysts predicted that the sequence's new higher top might be regarded as Thursday's record high of 18,887 and that the current weakening would soon lead to a higher bottom.

Nifty is currently maintaining its position above the nearby support levels.