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Optimistic mood may see positive opening

Indian equity markets may open on a positive note on Wednesday as cues from global markets are optimistic. The positive trend in the SGX Nifty, which was trading higher by 14 points at 9,360, indicated that domestic bourses may see a positive opening.

Nifty50 needs to hold above the level of 9,350 to continue its upward momentum. If it does hold above 9,350, it is likely to scale up to the level of 9,400. On the downside, the zone of 9,250-9,270 is a crucial support zone, and if Nifty50 trades below this support zone, it is likely to test the level of 9,200. Ajanta Pharma, DHFL and ICICI Bank will report their quarterly earnings today.
Back home, Indian markets on Tuesday opened the session on a positive note and scaled higher in the initial hour of trading, though the markets slipped into negative terrain in mid-morning trade. But later on, indices pared intra-day losses and snapped two-day losing streak, although the gains remained capped.
The US stocks ended Tuesday’s session with marginal gains with the tech-heavy Nasdaq Composite finishing at a record high for the second session on the back of robust earnings. However, investors mostly held off from making big bets, with the Federal Reserve engaged in a two-day policy which ends on Wednesday. The Dow Jones Industrial Average gained 35 points to close at 20,950. The S&P 500 index rose 3 points to end at 2,391. The Nasdaq Composite Index gained 4 points to finish at a record level of 6,095.Bonaz Capital
Asian markets are trading in the green territory on Wednesday. Japan’s Nikkei 225 advanced 135 points. Hong Kong’s Hang Seng is trading with gains of 81 points, while China’s Shanghai Composite is trading flat.