Hi
First of all it depends on your category. If you belong to the general category, you have not cleared the cutoff so dropping a year will be a good option. Otherwise, following are two links which will help you to predict your rank and know the possibility of getting into the college of your choice.
http://blog.askiitians.com/calculation-percentile-normalization-marks-composite-score/
http://www.askiitians.com/iit-jee/main/rank-predictor.html
Thanks and Regards
Apoorva Arora
IIT Roorkee
askIITians Faculty