1. When initial gap up failed to cross 9160, I sold 9200 CALL, which I covered later in the day.
2. Since today's price action was very weak, I bought 9100 PUT for 4th June Expiry. Stop Loss for this is 9160.
What I observe for today is
1) Starting the day, there was lot of positive global clues. Asian Markets and DOW higher 1%+. But NIFTY failed to keep the gains and closed in red.
2) BANK NIFTY was better than NIFTY , but weak.
3) positive 31:19
4) VIX fell by 2.8%
5) 9000 is the key level from Option Chain.
Overall my conclusion is
1) I had said , "Tuesdays price action should be taken as indicative of trend forward". I believe in that and till expiry, there could be down trend continuation.
2) I am not sure if 9000 will hold. 8970 - 8940 is key support region, if this fails, the bias is on short side.
Again 9150 - 8950 is the range we are looking at. I am not going to sell options around this range, as this is expiry week and there can be surprises. But trade will come when breakout of the range happens.