Stock Market Live Updates 03 September 2024: Sensex, Nifty open flat with negative bias; analysts warn of potential correction

Sensex, Nifty, Share Prices LIVE: Indian benchmark indices, Sensex and Nifty, opened with a negative bias on Tuesday, showing a flat performance. At 9:17 am, the 30-share BSE Sensex declined by 15.56 points to 82,544.28, and the NSE Nifty fell by 1.60 points to 25,277.10. Analysts predict that the consolidation phase for benchmarks will continue, with broader markets facing some correction due to a lack of domestic cues. Despite Nifty’s strong bullish trend with 13 consecutive higher closes, technical indicators such as RSI at 70 and Stochastic RSI at 100 suggest the market is in the overbought zone, signalling potential corrections or profit booking. Open Interest data reveals the highest OI on call strikes at 25,500 and 25,700, and on the put side at 25,000, indicating a possible correction in the September series. Analysts recommend a cautious approach and regular profit booking while monitoring global market trends.