Stock markets likely to open positive today

Domestic equity markets are likely to open positive tracking SGX Nifty on the Singapore stock exchange.

At 8.48 am (IST), SGX Nifty was trading 0.29 per cent higher than its previous close.

A research report by Choice Broking said, "Trading of Nifty futures on the Singapore Stock Exchange indicates that CNX Nifty on the National Stock Exchange could gain 20-30 points at the opening bell. If Nifty surpass and sustain above 8,100 level, then we could see positive trend formation for medium term."

US markets closed higher as investors look ahead to the Federal Reserve's highly anticipated monetary policy announcement. The Fed is not expected to announce an increase in interest rates due to some recent signs of economic sluggishness, but traders will be paying close attention to any hints regarding the timing of the first rate hike.

Among Asian markets, Nikkei 225 index was down by 0.33 per cent at 20,190.78. Hang Seng was up by 0.34 per cent at 26,656.33.

On Tuesday, the key benchmark index BSE Sensex jumped 99.96 points, or 0.38 per cent, to 26,686.51. The NSE Nifty index also gained 33.40 points, or 0.42 per cent, to 8,047.30.

Market Today

According to Angel Broking, the trend deciding level for the day is 26,599 / 8,021 levels. If CNX Nifty index on the National Stock Exchange trades above this level during the first half-an-hour of trade then the market may witness a further rally up to 26,819 - 26,951 / 8,089 - 8,130 levels. However, if the index trades below 26,599 / 8,021 levels for the first half-an-hour of trade then it may correct towards 26,467 - 26,248 / 7,979 - 7,911 levels.