Volatility in Indian markets is cooling off from very high levels. Implied volatility crossed 100% for many Nifty option strikes and India VIX was above 80% at the height of corona virus panic.
Volatility is still high although it has fallen substantially from recent highs. Will Implied volatility continue to fall or raise again? Raising implied volatility from the current levels could indicate that market consolidation is ending and possibility of another leg down is growing?