Yes, looks like a good summary of observations, without going into all the details.
( i see that this summary has made it into the mega-thread with a wide range of assorted references -
101 question and answers - Basics Learned from Tradingqna - #18 by sandeep_cs 
)
As an example,
looking at the recent price trends of
- AXIS GILT Fund
- and its most significant (~40% of the fund) constituent (734GS2064) on NSE,
-
One can see how the price movement of the major constituent GSEC (~40%) happens to reflect in the NAV of the debt fund.
-
The other aspect to note is the daily-traded volume of the above GSEC during the recent down-trend
- is not very large (~50L INR / day) in absolute terms for sovereign bonds (GSECs, TBills).
- is the highest sustained volume, relatively speaking in the history of this specific GSEC (since its issue last year).
-
GSECs pay-out interest semi-annually (734GS2064 pays-out on 22-Apr and 22-Oct each year). Bond holders holding this GSEC on the record-date receive the entire interest for the 6-month duration. An extreme example of this in action is earning the interest for the entire 6-month period by acquiring the bond just 1day before the record-date. Taking this into account, the price of a GSEC on the secondary markets (NSE,BSE) will increase as one approaches the GSEC’s record-date. This shows-up as “saw-tooth” patterns of 6-month duration in the price-trends of GSECs in the secondary markets like NSE/BSE.
The NAV of a Debt fund
is a result of the combined effect of a bunch of such factors
on each of the constituent bonds.