The readings on NSE India VIX are approaching extreme levels. Although they haven't yet reached the most extreme readings since its inception but it is at its lowest readings on a closing basis. The current level of complacency is much more than it was during the January 2010 highs.
India VIX - Daily Charts
As can be seen from the chart above such low readings have often corresponded to significant peaks of April highs, July/Aug 08 highs and May 08 highs. Had it not been for the limited history of India VIX, I will be sitting with a bucket load of puts. But being a conservative trader, I prefer to act on things with much longer history. If aggression is your cup of tea here is a chance to pre-empt the market. Nevertheless, this is a chart that might be worth every trader's attention.