Stock market outlook: The equity market extended its winning streak for the fifth straight session on Thursday, despite cautious global sentiment following the US Federal Reserve's commentary on the future interest rate trajectory. The rally was supported by improving global risk sentiment following the formal signing of the U.S.–Iran peace deal and continued weakness in crude oil prices. 

With today's gains, Nifty has rallied 954 points in the last six sessions. 

After a positive start, Nifty traded higher for most of the session. The index held the psychological 24,000 mark today and closed at 24,168 , up 0.34% or 82.30 pts.

Sensex too gained 254 pts to close at 77,409.  Among Sensex constituents, IndiGo (2.73%), Trent (2.52%), BEL (2%), NTPC (1.86%) and SBI (1.64%) shares were the top gainers today. 

Infosys (2.66%), Tech Mahindra (1.07%), TCS (0.82%), HCL Tech (0.41%) and L&T (0.41%) were the top Sensex losers in the current session.

Nifty midcap index rose 256 pts to 62,379 and Nifty small cap stock index gained 82.40 pts to 18,705 level.  As many as 162 stocks hit their 52-week highs today. On the other hand, 46 shares fell to their 52-week lows on BSE. 

Out of 4,419 shares traded, 2417 stocks ended in the green on BSE. Around 1816 stocks were in the red and 186  stocks remained unchanged.

Around 141 stocks hit their lower circuits. On the other hand, 208 shares hit their upper circuit limits on BSE.

Rupak De, Senior Technical Analyst at LKP Securities said, "We need to remain cautious as the Nifty has rallied nearly 1,000 points in just six sessions. While this does not necessarily indicate a reversal, a phase of consolidation in the near term looks quite possible before the next directional move. The Nifty may spend the next few sessions oscillating within the 23,800–24,200 range. However, a decisive move above 24,200 might induce the next leg of the rally, potentially taking the index towards higher levels. On the downside, support is placed at 24,000, followed by 23,800, while resistance is placed at 24,200 and 24,500."

Shrikant Chouhan, Head Equity Research, Kotak Securities said, "A bullish candle on daily charts and an uptrend continuation formation on intraday charts indicate a further uptrend from the current levels. For trend-following traders, 24,060/77200 and 24,000/77000 would act as key support zones. As long as the market is trading above these levels, the uptrend wave is likely to continue. On the higher side, it could bounce back to 24,300-24,375/77800-78000. On the flip side, if the market falls below 24,000/77000, the uptrend would become vulnerable. Traders may then prefer to exit their long positions."

Previous session

The stock market extended its winning streak for the fourth consecutive session on Wednesday, backed by  favourable global cues and sustained buying across sectors. Nifty closed at 24,085.40, up 0.40% or 97 pts. Sensex too gained 347 pts to end at 77,156.