Need advice on hedging strategy

I have invested some lakhs through smallcase and I'm happy with the performance during bull markets. And during bear times, my account is dipping, which is obvious. I'm ok with that. Now I want to implement hedging strategy, by adding nifty put options, to compensate the losses. I want to buy PUTs when nifty is below 50DMA. Is it a good strategy to implement? Is there any drawbacks? Experts, please advice...