Theory:

     Should she go back to the safety of Abbu Khan’s hut? “No,” she said to herself, “death in an open field is far better than life in a small hut”. The wolf had come out of the bushes, and was staring greedily at Chandni. His eyes were shining like burning coals in the darkness. He seemed in no hurry. He knew the new goat was his.
 
     The wolf and the goat sized up each other. The wolf was big and ferocious whereas the goat, though healthy, was small. But small is not weak. Chandni stood firm on her legs, head slightly bent and horns jutting out. She was a picture of courage. She looked like a brave soldier ready to fight a treacherous enemy. “I must put up a good fight,” Chandni thought; “success or failure is a matter of luck or chance.”
Explanation:
 
Chandni recognised the sound as that of a wolf. She considered returning to Abbu Khan's hut at one point, but then came to realise that 'death on an open field is far preferable than life in a small hut (Abbu Khan's place)'. She was determined that she would not leave the hills, even if it results in her death. The terrifying, greedy wolf suddenly appeared in front of Chandni. As the wolf gazed at Chandni, its eyes twinkled like flaming coals, and it didn't appear to be in any hurry, as though the predator (wolf) was certain that it would catch its prey (Chandni).
 
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The ferocious wolf
 
The wolf and Chandni sized up each other. The goat was small though it looked healthy in comparison to the wolf, which was enormous and ferocious. Smallness, on the other hand, does not indicate a lack of strength. Chandni did not consider herself to be weak; despite her small size, she did not leave the battle and was prepared to fight like a real, courageous soldier against the deadly wolf with all her might. She was determined to keep her freedom. So Chandni was resolved to fight with all her might, believing that success or failure was a question of luck or chance.
 
Meaning of difficult words:
 
S.No
Words
Meaning
1.
Ferocious
Very aggressive, strong and violent
2.
Treacherous
Dangerous and intending to harm you
3.
PredatorAn animal that kills and eats other animals
4.
Courageous Capable of facing and trying to overcome danger or fear
5.
Preserve To protect from harm or loss
6.
Resolved To make a firm decision and stick to it
Reference:
National Council of Educational Research and Training (2007). Chandni – Zakir Husain (pp. 43- 51). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.