Dear Himanshu, that great your passionate about your career and want to take admission Punjab University LLB that also good Institute or maybe one of best India's LAW Institute. Getting best you do best and that show in your result. Yes, the chance you get this Institute If we suppose you get 55% in Graduation. But you seek other colleges as your backup. 

All the best.

Hey.
Considering your score in entrance exam is 53.75 and that your Graduation score is estimated around 55% you seem to have a less chances for admission in PU. Your combined merit score would be around 54.75
There are 300 seats each for LLB in the Chandigarh campus, 60 each in regional centres.
So considering the fact that your entrance rank is quite average but your graduation marks are also quite average so your chances seem less
.there are no chances  for Chandigarh campus but better chances for regional centres. You can try for the regional centres in the subsequent counsellings. So wait for the final ranks to be out for a better estimate.
Best of luck

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