You can check the payoff table for this. This table helps you compare how your portfolio and hedge trade would perform as the Nifty50 index moves up or down. Note that this is for illustration purposes only. 

Keep in mind that the projections assume you hold the hedge position until the contract expires.

If the Nifty50 index rises, the hedge may result in a loss equal to the premium paid, but this will likely be offset by gains in your portfolio.

In case the Nifty50 index falls, the hedge trade helps cover portfolio losses. Hedging is most effective during periods of high uncertainty and negative market sentiment.