India VIX rose on the Budget session and eased on the next trading day
The question asks for a strategy. This page explains the mechanics and does not suggest a trade around an event. The 2026 Budget was presented on Sunday 1 Feb 2026, in a special trading session. India VIX is a measure of expected volatility over the next month, not a forecast of direction.
On that Sunday India VIX rose from the level of the session before, and on the next trading day it fell. The chart shows the path over the weeks around that date, from the NSE India VIX series.
Implied volatility carries the event. Options bought before the announcement pay premium for the expected move, so the buyer needs the actual move to beat that premium. After the announcement the event premium drains out of prices even when the index moves. That is the volatility crush, and a seller takes the other side of it.
Results day follows the same logic for a single stock. The event premium sits in that stock's options before the result, and it is gone after it, whichever way the stock moves.
Two things stay open. Whether the move turns out larger or smaller than expected cannot be known before the event. And the record of past Budget days is a handful of sessions, too few to build a rule from. The dated examples show what prices did, and nothing more.
Before you trade. Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. Read the SEBI study