Stock Market Highlights: Nifty charts in favour of bulls, support at 24,700-24,550. Here’s how to trade on Friday

Nifty ended Thursday’s weekly expiry 41 points higher and formed a higher high-higher low formation for the fifth consecutive session. The daily charts saw the formation of a bearish candle as the index closed lower than its opening level.

Now Nifty has to continue to hold above 24700 zones to extend the move towards 25000 and 25100 zones whereas supports are placed at 24700 then 24550 zones, Chandan Taparia of Motilal Oswal said.

“We have seen a decline in volatility with a surge in Put Call Ratio which indicates that overall bullish bias could continue in the market. VIX has recently declined from 23 to 13 zones and lower volatility suggests overall bullish stance in the market,” he said.

The RSI is trending upward near the 60.46 level, further indicating bullish momentum in the market.