Nifty may head towards its breakout level of 10,985 on positive global cues

The resistance for Nifty50 is located at 10,985 - its previous high, as per the daily chart

Buoyed by Federal Reserve Chair Jerome Powell's message that the Fed will be flexible on monetary policy and it was in no hurry to raise interest rates, the US stocks ended with sharp gains on Friday. The Dow Jones soared 746 points or 3.29 per cent to 23,433 while the tech-heavy Nasdaq climbed 4.26 per cent to end at 6,738. In Europe, the headline indices FTSE 100 jumped 2.16 per cent and DAX closed 3.37 per cent higher. At 7.35 am, the SGX Nifty, an early indicator of Nifty50 performance, traded 102 points or 1 per cent higher at 10,881,