There are some interesting historical incidences of extreme volatility & what happened subsequently.
There is a consensus on nearing a bottom around 2370 to 2450 levels by Monday or by settlement day. The EW internals also suggest a similar scenario. Resistances at 2650 to 2750 and a likely support between 2370 to 2450. So the strategy for traders should be to sell near the resistances when the shortterm is overbought and buy near the supports when the short term is oversold.
But for investors...Keep buying into every falls some great scrips in sectors such as infrastructure, power..(My knowledge in individual scrips is limited).
As per our "5-Minute chart" posted above, Nifty is expected to complete a 4th and then a 5th down(If it has a "abc" structure, then the fall may end at the completion of 3rd itself), mostly by Monday and position itself for a sharp bounce by Tue/ wed. Monday's Asian market moves will provide further clues.
The "Point & Figure Chart" has a target of 2450.