Indian stocks SENSEX, trading is lackluster in the morning.

The U.S. market was closed for a holiday, and amid a lack of market-moving factors, Indian stocks traded around 82,510, staying flat in the early part of Tuesday after hitting a record high for the third consecutive time.

The Nifty 50 fell by 0.1% and dropped below 25,300. The strength in durable consumer goods, pharmaceuticals, and health care offset the weakness in oil and gas, metals, and real estate.

On September 2, the Nifty 50 rose by 43 points, mainly driven by momentum indicators, and reached a record closing high of 25,279 points. The Moving Average Convergence Divergence (MACD) is in a buy mode on the daily chart, but in a sell mode on the hourly chart, indicating a shift from sideways movement to upward momentum. In terms of support, 25,200 is the immediate level to watch, followed by 25,000. If 25,200 is breached, there is a possibility of a further 200-point correction. In the upward scenario, 25,300 and 25,340 are the immediate resistance levels, and surpassing them could lead to a continued rise towards the next short-term target of 25,500. Therefore, the current range for the Nifty is between 25,000 and 25,500. Although a bearish candlestick pattern has formed on the daily chart due to the close being below the open, the Nifty has been trading in the high range for 6 consecutive sessions.

Foreign institutional investors (FIIs) data paints a more optimistic picture. Currently, FIIs hold a long position of 0.243 million contracts in index futures. Although this is below the previous peak of around 0.4 million contracts, it still indicates a fairly bullish stance. Furthermore, FIIs' net buy position stands at 0.143 million contracts, down from the previous peak of 0.5 million contracts. This data suggests that there is still room for the index to rise further before a potential correction occurs.

However, traders are expecting the release of key employment statistics in the United States later this week, which will serve as clues to the future monetary policy decisions of the central bank.

India's GDP growth rate for the second quarter was 6.7%, the lowest in 5 quarters, slowing down from the expected 6.9% increase due to a sharp deceleration in government spending.

Tata Consumer Products rose by 1.2%, Hero MotoCorp rose by 1.1%, while Bajaj Finance fell by 1.8%, BPCL fell by 1%, and Bajaj Finserv shrank by 0.9%.