Nifty, Bank Nifty Plunge Post-Budget: Key Levels & Bearish Signals for Feb 2 Trade

• Nifty 50 dropped 2% on February 1, hitting a five-month low after the Union Budget increased Securities Transaction Tax (STT) on F&O.
• The index fell below its 200-day EMA, with momentum indicators showing strong sell signals and a bearish bias.
• Key resistance for Nifty is at 25,278, 25,483, and 25,815; support at 24,614, 24,409, and 24,077.
• Bank Nifty also showed similar bearish trends, slipping below key EMAs with RSI and MACD indicating pressure.
• India VIX surged 10.73% to 15.1, its highest closing since June 4, 2025, signaling heightened market uncertainty.

Why It Matters: Nifty and Bank Nifty show strong bearish signals post-budget, with key support levels crucial for February 2.