Nifty is having a intermidiate support at 12780 based on a channer resistance line and a long term trend line, this is followed by another support at 12730 which is previous week low.
CCI is a reliable indicator to suggest intermidiate tops and bottoms, it is showing some kind of reversal on weekly, daily and four hour charts.
Puts spread utilising 12800-12500 can be considered with a stop loss of two daily closings above 13150.
Do consult your investment advisor before taking any position in financial markets.