After today's brutal fall, India Vix has broken a downtrend with a falling trendline on weekly chart. Range of 19-22 is danger zone for this, any close above that could see a very big fall and markets can go really down quickly. While i know its easy to point this out today with the confirmation of the fall but this is what i saw on the charts so posted.
Keeping the budget in mind also Vix is on higher side but this is a cautious time with market already in confirm downtrend.
Option Premiums are super expensive but can even go higher than what they are now considering the upcoming event. Hedging is super important on both sides.
@PrasannaSelvaraju, 18-20 levels are very critical. In my view it should go to this level and then give a pull back to 15-15.5 levels before going back up again. If goes up again then it might even cross 20 and hit around 34-35 region which would be very dangerous.