well, I also trade options and also novice. I use ICICI's option pricing calc just to see what it says.
But I guess they are definitely in line with any of the pricing model one can use with reasoning. Especially the nifty options are probably ideally priced. (in my opinion, fund houses, FIIs and HNIs all use only futures and options to hegde their position or to enter into a stock slowly.)
They are just like stocks, isnt it. No matter how much I hate RIL, that will remain as the top stock because many others like it. Similarly what you think as the appropriate volatality factor may not be the same as what others think.
I usually check both put and call at same distance to see whether the market has a upward or downward bias. (ICIC calc helps one to compute volatality based on current price. Now a days put's volatality is higher than call's for nifty). Usually the bias is always towards where the discount/premium of the undelying, but much higher bias. It suggests me that "big guys" use options more than a trader.