Trade Log NIFTY May 11

About trades today.

I sold 9300 PUT as there was a gap up opening above 9350. This position is trapped. I squared off the position for loss.
I also squared off my positions from Friday.
I hold 9500 CALL. That position is open.

NIFTY Opened gap up above 9350 and sustained there for some time, like 30 minutes. But then it was straight down day. So 9340-9440 is a hard to break resistance zone.

I have the following observations about today's price action

1. NIFTY has opened gap up and closed the gap. This has happened 3rd time in last 5 days.
2. NIFTY showed follow through on the downside after breaking below 9350.
3. VIX fell little less than a percent.
5. Advance Decline ratio 30:20 , on positive side.
5. BANK Nifty fell down 2%, mostly due to ICICI Bank

I read this action as

1. I assume now some momentum is gathered. If NIFTY breaks below 9130, this fall will touch 9000 region.