After the craziest fall, nifty is pulling back. So where to short a pullback?
A - Breakout
B - Price Percentage Change Projection
C - Traditional Price Range Method
D - Retracement Levels
Whether to short options or short is entirely depends as per your money management and risk appetite, but don't buy PE's expecting for a huge gain.
Which level is best to short depends on how the price is approaching a particular level. These are not touch and trade levels. So we need to watch price action before trading.
If you have any doubts about the above, do let me know in the comments.