Will Nifty hold 8100 ahead of Fed decision, BoJ meet?

Global markets are jittery as investors are keenly waiting for the Federal Reserve decision on rates and Bank of Japan policy meeting outcome while upcoming vote on whether the UK will remain in the European Union looms large. Indian market is seen to be volatile on Wednesday waiting for global triggers to play out and hopes of a full monsoon which is already delayed. The IMD has said Konkan region is seeing good pre-monsoon showers. It will be crucial for the Nifty to protect 8100 today. Bulls showed resilience on Dalal Street once again yesterday amid global market sell-off. The 30-share BSE Sensex declined 1.06 points to 26395.71. The 50-share NSE Nifty managed to hold 8100 level, down 1.75 points at 8108.85 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices gained 0.2 percent and 0.5 percent, respectively as the market breadth was positive. About 1522 shares advanced against 1079 declining shares on Bombay Stock Exchange. Experts expect the market to gain strength only after Britain's referendum that will be on June 23.Meanwhile, Chinese mainland markets opened lower, but then retraced much of the losses on Wednesday. Stock index provider MSCI said it would delay inclusion of mainland-traded Chinese A shares in its key emerging market index. Other Asia markets were mostly lower. Major stock index firm MSCI said Tuesday it would delay inclusion of the mainland-traded Chinese A shares in its key emerging market index given lingering concerns about market accessibility.US stocks closed lower Tuesday, amid declines in oil prices. The major averages ended well off session lows, with the S&P 500 just a touch below its 50-day moving average of 2,076.63 for the first time since May 23.In stock specific action, airlines are likely to be in focus. The cabinet is likely to take a call on 5/20 rule today and may modify it.
In other asser classes, the yuan slipped to its weakest level since early February in offshore trading. The pound was near a two-month low on Brexit concerns. Crude prices decline led by Brexit concerns which overshadowed signs of a return to health for crude prices. International energy agency, said the oil market is essentially balanced after two years of surpluses. Gold price is near 6-week high on expectations the Federal Reserve won't raise rates today.