Both my Head lights for low beam and day light on my 330i stop working in manual and automatic mode. Only the high beam is currently working. D oes anyone have any idea what might be the problem?

It sounds like there's a problem with the lamp module in your car, although it should theoretically go into failsafe mode if it has a problem. There is an SIB for vehicles produced March 1, 2004 to February 28, 2005 having headlamp failures, so I recommend you take your car to the dealer and have them check it out. Especially if it's still under warranty.