Should I hit the people that bully me?

Only if you can win a fight and not have consequences later in terms of punishment (they tell on you) - do it when there are no witnesses.

Can you fight? Do you know how to defend yourself and how many are there? Before you even consider striking back it would be better to use your mind against people who try to put you down as it starts with the name calling before getting physical, usually. If you can disarm them verbally and take away their motivation they will be far less inclined to continue bullying you let alone hit you. Attacking them only inflames the situation.

Only beat them on the defensive. Some good tactics are found in FM 21-150, written by the U.S army. That'll get them to stop. These are the words of experience.

Go to jw.org search the video “Beat a Bully Without Using Your Fists.” Many have found this video effective. If you are a teenager or otherwise search for the book "Young People Ask" answers that works.
My son was being bullied in school. He also told me they would say things like "your mama". He said when they said that he would not take offense because they do not know my mother they must be talking about theirs. He went through life never taking people's words personal because the problems were their own. He would walk away from incidences when necessary. He still maintained this attitude through out his life. Walking away from situations when you can is a sign of strength not weakness. Remember a bully is a sick persons with mental problems. A bully is also a coward because he forms a group of followers to harass others. Most often not by himself. They bully others who have good values and may appear passive. A bully is an attention seeker. Most often he is being bullied at home or have a very toxic and chaotic life at home.
For more information on this subject and others, please go to jw.org . For free downloads, publications, videos or read online.