Anil Singhvi decodes Wall Street rally, triggers around US Fed meet today

Zee Business Managing Editor Anil Singhvi has said that world indices are following Wall Street as global cues are getting a boost from the US equity markets. Singhvi went on to add that there can be some profit-booking in the Dow Jones but Nasdaq, which has scaled record highs will continue to trade with strong positive bias. He said that Wall Street has been moving in northward direction for the last six straight trading sessions, so from the commentary point of view people should keep an eye on the US Federal Reserve meeting today.

Speaking on the US market, Anil Singhvi said, "Global indices are following Wall Street indices and I don't see any reason for Nasdaq going below 10,000 levels. In fact, there can be some profit booking in the Dow Jones listed shares but Nasdaq will continue to trade with positive bias." He said that Nasdaq didn't go weak even when the global indices were bleeding heavily after the Coronavirus outbreak. So, when there are some signs of recovery from the COVID-19, Nasdaq going weak is unlikely.

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On today's US Fed meeting, Anil Singhvi said, "From economic perspective, today's Fed meeting is a non-event as it will neither increase interest rates nor it will reduce interest rates. So, status quo is expected to be maintained." 

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अच्छी खबरों से अमेरिकी बाजार में तेजी...अनिल सिंघवी ने कहा- फेड की बैठक में बड़े एक्शन की उम्मीद नहीं, कमेंट्री पर रखें नजर...बोले- फेड बैठक के बाद बाजार में उतार-चढ़ाव संभव#EditorsTake #USMarket #Nasdaq #DowJones #GlobalMarketUpdate @AnilSinghvi_ pic.twitter.com/1Hv8FAAcmw

— Zee Business (@ZeeBusiness) June 10, 2020

However, Singhvi said that from commentary perspective, US Fed Chief's statements on the US economy, especially on the job data will matter as any contradiction with the US President Donald Trump on this aspect might work as a trigger for profit-booking on Dow Jones. But, he still maintained that Nasdaq will remain unaffected by the US Fed commentary and continue to trade above 10,000 levels.