Hit him, Trust me it won't stop unless you do, Bullys tend to just pick on people to boost there own image, If you don't hit him not or stamp your mark on it you'll be known as a nobody that told the teacher on a bully. If you want to be treated lower than everyone else like a scapegoat like a omega dog.
You may get in trouble since hitting someone isn't right, nor should it be tolerated but in some situations like your one you should do it. You obvisouly feel the need to hit him since your going into it, Do it. Make sure you win.
This is from experience like 5 years ago i had a friend and this guy(my other friend now) used to come over and we'd just chill out he would be a complete douche and try give me shit because he was 2 years older than me and taller(He was like 6ft 8) Anyways this went on for a while i cracked when he pinned me down so i couldn't move to piss me off, So i head butted him burst his nose and he ran to the toilet near-crying, Didn't do fuck all after that. His respect gained for me since he knew i wasn't just going to do fuck all everytime he pissed me off.
The worst thing to do is get angry, But if it is SERIOUS bullying like constantly giving you shit then go for it. In my opinion.