Fib retracment shows 0.382 level at 500CMP. Trade is if it doesn't break 0.382, short AxisBank Aug 500PE. If it breaches and starts to reverse from 490, then go for AxisBank 490PE. It will provide higher premium.
For better entry, use 15 minutes TF. It will showcase the previous support levels. Right now, support is at 501.08. If it reverses from there then enter AxisBank 500PE. If it breaches this CMP then it will move to next support.