Chastain won a Golden Globe this month for her role as a feisty CIA agent credited with tracking down Osama bin Laden in thriller "Zero Dark Thirty". Lawrence also took home a Golden Globe for best actress in a comedy for her portrayal of a young widow in "Silver Linings Playbook".

Celebrities attend the 13th Annual AFI Awards in LA

2013 Critics' Choice Awards

Taylor Swift, Jennifer Lawrence win at the 2013 People's Choice Awards

Both SAG and the Academy Awards combine the drama and comedy categories, putting the two actresses in a head-to-head battle.

Related: Americans favor 'Lincoln' for top Oscars

Strong performances by Bradley Cooper, Australian actress Jacki Weaver and comedian Chris Tucker could also help "Silver Linings Playbook" to win best ensemble cast on Sunday.

However, the SAG winner may not be an indicator of Oscar best picture success for the quirky romance, especially in a year where the race for the biggest Oscar prize is seen as wide open.

"Sometimes smaller indie films with great acting can win the big prize at SAG, but they don't have the technical credentials to win best picture at the Oscars," said Dave Karger, movie correspondent for Fandango.com.

In an indicator of movie industry sentiment, "Argo" won the Producers Guild Award in Los Angeles, beating "Lincoln," "Les Miserables," and "Silver Linings Playbook" which are all Academy Award best picture contenders.

SAG also presents awards for performances in TV dramas, comedies and mini-series. It will give a lifetime achievement award to actor Dick Van Dyke.

"Modern Family" won the best comedy cast ensemble award for the third time. Alec Baldwin won best TV comedy actor for the 8th time for his role as an egotistical executive in "30 Rock" and his co-star Tina Fey took the honors for TV comedy actress.

Drama ensemble acting nominees include the casts of "Boardwalk Empire," "Homeland," "Mad Men," "Breaking Bad" and "Downton Abbey".