I have traded only Equities till now and now I want to understand Options. They seem to be very complex 
Please explain in layman terms.
OPTIDXNIFTY24-NOV-2016CE8600
Strike Price= 8600
12-08-2016 Close price= 276.7
09-11-2016 Close price= 47.2
Does this mean, If I had Shorted this contract on 12-08-2016 and bought back on 09-11-2016, I would have made a profit of about 80% ? Can I make profits off of premiums alone or should I wait till expiry ?
Thank you.