Nifty 50, Bank Nifty: Will Key Support Levels Hold Amidst Bearish Trends?

• Nifty 50 closed at 25,049, down 241 points, while Bank Nifty fell 727 points to 58,473 on January 23.
• Experts warn Nifty 50 could fall to 24,600-24,500 if it breaks below 24,900; resistance seen at 25,350-25,450.
• Bank Nifty needs to hold above 58,280 for upward movement; a breach could lead to 58,100-58,000 support.
• Technical analysis indicates a "Rounding Top" formation for Nifty, with prices below 89-DEMA and 200-DMA.
• Traders are advised to be selective, define exit strategies, and wait for clear reversal signs due to high volatility expected during Budget week.

Why It Matters: Nifty and Bank Nifty face significant bearish pressure; key support levels are crucial to prevent further declines.