Aandhikhole, As far as i know, you can file both at the same time. In your case, if i were you, i would file both. The only thing is you need to spend the filing fees in OPT extension. Once, your H1B petition is approved, OPT extension card will be automatically discarded.  Last year, i had the same problem. Also you can visit, subscribe and ask your question in www.redbus2us.com. Those indians will answer your every questions.