Smiles & Smirks are what one would get to see about Vols in US Markets. However a quick crunching of NIFTY options show that implied volatility is more V Shaped. Infact Puts are tilted towards right and Calls towards left. Here is an illustration between moneyness and implied vol.

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Something to think about :How do you model this quasi V shaped market phenomenon ? and more importantly How do you make money ?