Stock market today: Nifty 50 hits 24,000 for the first time, Sensex hits 79k briefly

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Also Read: Nifty Bank hits fresh high, crosses 53,000 mark as it continues winning streak for 4th day in a rowOverall, 19 constituents of the Nifty 50 index are trading in the green, with gains ranging between 0.1% and 4.3%.“Key heavyweights continue to push the benchmark index higher to achieve new targets. We remain positive on the market and advise traders to maintain a positive bias and use any dips as a buying opportunity," said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.The Sensex and the Nifty 50 started off Thursday's trading at record high levels with little gains on the day of the monthly derivatives' expiry, but eventually saw losses as a result of profit-booking in the early trade.

According to Rahul Ghose, CEO of Hedged.in, the sell zone in Nifty 50 is trading in the range of 23,975 to 24,030, any breakout from this resistance levels, Nifty 50 spot has potential to test 24,250 on the upside which would be the intermediate top for the short term. At this juncture, It is important to note here that the FII long position has reached the overbought zone and is at a six year high, hence all long positions should be unwound as the risk to reward on the upside is very low and doesn't warrant going long.Also Read: Why are India Cements shares skyrocketing today? — explainedAfter breaking beyond the 53,000 barrier for the first time, the Nifty Bank index set a new record high of 53,180 points.