Despite rising crude prices, Indian stock markets are expected to open higher, tracking positive global cues. SGX Nifty at 17,445, indicates a gain of about another 80 points at open for Nifty, as Nifty futures on Tuesday closed at 17,362.80.

Analysts expect the Russian-Ukraine conflict may end soon, as Volodymyr Zelensky said that Ukraine will not seek NATO membership in exchange for a cease-fire. However, rising crude oil prices may pose threat to the recovery party, they added.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said, "Markets are facing headwinds from the escalation in Ukraine conflict, rising Oil prices and hawkish commentary from US Fed. Also rise in domestic retail fuel prices added to overall cautious sentiments. However, any positive development on the Russia-Ukraine issue can revive market momentum."

Experts also welcome the Reserve Bank's statement supporting growth story by ensuring ample liquidity. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities, said, "Market players were also enthused by the statement of the Reserve Bank of India that it will ensure ample liquidity to support the recovery of its economy, signaling above-target inflation was not as much of a threat."

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Equities across Asia-Pacific also jumped in early deal on Wednesday. Leading the gainers list, Japan's Nikkei surged 2.8 per cent; others such as Korea, Australia and Taiwan are up between 0.4 per cent and 1 per cent.

US stocks, overnight, closed on strong note, especially tech-heavy Nasdaq closed 1.95 per cent higher. Dow and S&P-500 climbed 0.74 per cent and 1.13 per cent respectively.

Nifty at crucial level

Technical analysts said that Nifty is ruling at crucial level.

Rupak De, Senior Technical Analyst at LKP Securities, said: Nifty remained volatile within the bands of crucial support and resistance. On the lower end, 17000 has acted as strong support while it failed to move beyond 17330 decisively. "The breakaway gap has so far remained intact. Over the short term, a decisive breakout above 17330 may induce a decent rally in the market. On the lower end support is visible at 17200/17000," he added.