Is it permissible to raise one's hands in supplication after praying the two rak'ahs of Istikhara?

The supplication for Istikharah (guidance-seeking prayer) is recited after concluding the two rak'ahs of prayer, based on the Prophet Muhammad's (peace be upon him) saying: "Then let him pray two rak'ahs, not from the obligatory prayers, and then say: 'O Allah, I seek Your guidance by Your knowledge...'" (the full Hadith (definition)). It is permissible to raise the hands at that time, as it is among the means for a supplication to be answered.