We have seen the Nifty correcting from 11172 and there are a couple of probabilities in play.
1. A leg was 11172 to 10276
B leg was 10276 to 10638
C leg is ongoing
C.1 is 10631 to 10141
C.2 10141 to 10478
2. The next possibility is all this is A leg down followed by corrective 600 700 point rally ending with a fall to 9500-9700.
In the case of 1st option, fall can end between 9900-10100.
In the case of second option, a bounce followed by new lows.
In both scenarios, it makes sense to deploy at least 50 pc cash in hand now.