Dear Praveen Taneja,
though it is not recommended to short, as per my understanding, profit booking can bring market to NIFTY future till 4234-4240 in intraday.
May be booking of your PUT would be a good idea there (between future 5234-5240) or also have time SL of 2 PM. over all close should be good today till 5222 (low of today) is intact.
Go with trail SL
all the best.