Wall Street stocks ended slightly lower on Friday in volatile trading after stronger-than-expected U.S. jobs data pointed to a robust economy but provoked worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped.

The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast. The unemployment rate inched up to 4%. For the week, the S&P 500 gained 1.32%, Nasdaq rose 2.38%, and the Dow added 0.29%.

Asian stocks fell on Monday as traders heavily cut back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns. Australia, China, Hong Kong and Taiwan markets are closed for public holidays.

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Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as the NDA government’s formation gets closer.


Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for further cues on the direction of the markets.

One can maintain a bullish stance with a stop loss of 22780 level. Targets are 23800 – 24100 levels in the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week’s time in the band of 23338 to 21281.