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Nifty found support near its recent low of 23,870 and formed a green candle on the daily chart on Thursday, indicating recovery. The 200-day Simple Moving Average (200-DSMA) is positioned near 23,825, making the 23,800-23,825 zone a strong, short-term demand area.On the upside, the recent breakdown point of 24,180 will act as an immediate hurdle, followed by the 100-day exponential moving average (100-DEMA) hurdle, which is around the 24,350 level. If the index holds 23,800 levels, a relief rally could be possible but till the index remains below 24,350 weakness will persist, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.Open interest (OI) data showed the highest call OI at the 24,000 and 24,200 strike prices, while the highest put OI was at 24,000, followed by 23,800.What should traders do? Here’s what analysts said:Kunal Shah, Mirae Asset SharekhanThe index breached the psychological support of 24,000 but managed to hold above the 200-DMA, which is placed at 20,826. The 200-DMA is the last level of hope for the bulls and a breach below this will open gates for the 23,500/23,300 mark. The index has multiple hurdles on the upside with the first resistance visible at 24,200 and a break above this will move the index higher towards the 24,400/24,500 mark.Rupak De, LKP SecuritiesThe Nifty witnessed a sharp decline as it broke below the neckline of the Inverse Head and Shoulders pattern. On the lower end, it found support at the low of the right shoulder. Sentiment remains weak following a hawkish comment from the Fed, which could continue to weigh on market sentiment in the short term. Support is placed at 23,850, below which further correction appears likely. Resistance is seen at 24,200.Nandish Shah, HDFC SecuritiesNifty made an intraday low at 23,870, which was near to the previous swing low made on 28th November 2024. Violation of 23,870 support could drag Nifty towards the next support of 200 DEMA, placed at 23,692 odd levels. On the higher side, 24,100 is likely to act as an immediate resistance.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

NHPC plans to invest Rs 5,500 crore in the renewable energy sector in Bihar, which holds an important position in India's transition journey, the company's CMD Raj Kumar Chaudhary said on Thursday. However, a handholding of the state government will be essential from planning to implementation of the future project, he said, addressing the 'Bihar Business Connect 2024' summit here. Bihar has made progress in the energy sector, and NHPC is serious about making huge investments in the state, Chaudhary said. "In renewable energy, NHPC has written a letter to the state government, showing intention for investment of more than Rs 5,500 crore. We will be signing an MoU also with the state government for projects like solar power, floating solar and storage (projects)," he said. Chaudhary said the state has an overall installed power generation capacity of around 9,500 MW of which 9,000 MW is thermal. So, there is a lot of scope for investments in renewable energy projects with battery storage as it is extremely essential for the round-the-clock supply of green power, he added. NHPC is already developing 18 MW, 50 MW and 300 MW of floating solar projects in Madhya Pradesh, Kerala and Odisha, Chaudhary said, adding that similar opportunities are available in Bihar where his company would like to invest. Speaking further, the CMD sought the help of the state government in availing the central PSUs coming to invest in the state with approvals and acquisition of land for the projects. He cited the example of SJVN where the company has been unable to get land for two of its renewable energy projects in Bihar. "Of the 200 MW planned project, it has got land for only 75 MW. I request for a hand-holding from the state government for upcoming projects," the CMD said.