The recent RBI policy announcement was largely uneventful, with the central bank keeping policy rates unchanged and continuing the withdrawal of accommodation as expected. The focus remains on tackling inflation, with no concerns about growth, and there are no indications of rate cuts in the near term. Consequently, the market will now turn its attention back to global cues. Although there are signs of a temporary bottom in the global market, Nifty, and Banknifty, there is still a risk of fresh selling pressure at higher levels. Technically, Nifty is forming a bottom around the 50-DMA of 24,000, with important hurdles at 24,350, 24,525, and 24,700. Meanwhile, Banknifty is trying to establish a base around the 100-DMA of 5,000, with the key resistance area lying between 51,000 and 51,500.