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Nifty formed a hefty engulfing bullish pattern on the daily chart on Friday, which has engulfed the smaller range movements of the last five sessions on the upside. This signals that bulls are back in the market with big-bang action.The swing low of Friday seems to have confirmed the formation of a new higher bottom of a bullish chart pattern like higher tops and bottoms. Friday's market movement showed a false breakdown of the recent range and is now on the verge of a potential upside breakout in the short term.The market action of Friday is signaling a strong comeback of bulls after a choppy movement and we expect more upside in the near term. The next upside target to be watched is around 25,200 levels by next week. Immediate support is placed at 24650, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 24,800 and 24,900 strike prices, while on the put side, the highest OI was at 24,700 strike price followed by 24,600.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanThe index has formed an Inside Bar candle stick pattern on the weekly charts, thus making the extremes of the previous candle i.e. 24,858 – 24,009 crucial levels to watch out for the upcoming week. We expect the pattern to break out on the upside and continue with the positive momentum towards 25,125 during the upcoming week. On the downside, 24,420 – 24,400 is the crucial support zone.The Nifty Weekly PCR witnessed an improvement from 0.70 to 1.04, suggesting a bullish sentiment. Overall, we expect positive momentum to continue.Rupak De, LKP SecuritiesThe equity market in India witnessed a roller-coaster session on the day of the Sensex weekly expiry. On the lower end, the Nifty found support around the neckline of the inverse Head-and-Shoulders pattern, completing a retest before rallying towards higher levels. Today's low also coincides with the 38.2% retracement level of the previous rally. Going forward, the trend is likely to remain strong, with the potential to reach 25,000 and higher in the short term. On the lower end, support is placed at 24,550.Devarsh Vakil, HDFC SecuritiesShort-term trend is bullish as it is placed above its 5, 10 and 20-day EMAs. Nifty seems to have got back its bullish momentum and is likely to head towards the next target of 25,000. Support for the index is seen at 24,500.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

French President Emmanuel Macron appointed centrist ally François Bayrou as the new prime minister on Friday, following a historic parliamentary vote that saw the previous government ousted last week.Bayrou, 73, a key figure in Macron's centrist political alliance, brings decades of experience to the role. His deep political background is seen as vital for navigating the current challenges, particularly given that no single party holds a majority in the French National Assembly.Bayrou, who was recently cleared of charges related to embezzlement of European Parliament funds, is expected to play a pivotal role in restoring political stability in the country.Despite the political upheaval, Macron reaffirmed his commitment to remaining in office until his term concludes in 2027.The announcement of Bayrou’s appointment followed nearly two hours of tense discussions between Macron and Bayrou on Friday, according to BFMTV. Ministerial sources revealed that Barnier was scheduled to formally hand over power to his successor in a ceremony later that morning, with the traditional red carpet rolled out and microphones set up outside the Matignon, the seat of the French government.The political deadlock gripping FranceMacron has been grappling with the aftermath of this summer’s snap parliamentary elections, which left the French political landscape in a state of flux. The left-wing New Popular Front (NFP), a coalition of Socialists, Communists, and Greens, emerged as the largest bloc in the National Assembly, demanding a prime minister from their ranks. Meanwhile, the far-right, led by Marine Le Pen, also emerged as a major political force, further complicating Macron's efforts to secure a stable government.Bayrou’s candidacy has already sparked resistance from both the left and the right. Left-wing politicians are wary of his alignment with Macron’s policies, while the right has criticized Bayrou due to his strained relationship with former president Nicolas Sarkozy. Other potential candidates, including former Socialist prime minister Bernard Cazeneuve and Macron loyalist Defense Minister Sébastien Lecornu, were considered for the role. However, former foreign minister Jean-Yves Le Drian made it clear that he had declined the position, citing his age and the demanding nature of the job.Challenges ahead of BayrouBayrou’s appointment comes at a critical juncture, with public frustration over the ongoing political crisis at an all-time high. According to an Elabe poll, more than two-thirds of respondents expressed a desire for politicians to reach an agreement and avoid further government upheaval. The instability in Macron’s government is reflected in the succession of prime ministers, with each serving shorter terms, raising questions about how long Bayrou’s tenure will last.In another indication of the deep political divide, Marine Le Pen has emerged as a significant player in French politics, with polling indicating strong support for her ahead of a potential 2027 presidential bid. An IFOP poll placed her at 35% in the first round of a future presidential election, well ahead of any potential challengers.However, Le Pen faces a legal challenge in March 2025, when she will stand trial on embezzlement charges, which could potentially jeopardise her 2027 presidential run. If convicted, she could lose her ability to run for the presidency, dashing her hopes of taking the Elysee Palace.(With inputs from agencies)