What strategy to apply with cash during such markets?

I had a question and still there is time/funds to correct this and avoid a big mistake . Is the best strategy during such times is to invest in large caps, debt funds , index funds etc , which are undervalued , rather than trying to downward average as don’t know which stocks will be the next markets leaders and the good ones will fall till what level ? So wait for things to consolidate , trend to form and then take a call in which to build position? I have been majorly been a sip and large cap investor yet my strategy has been to downward average few stocks which I think are undervalued , this has worked so far but never experienced such a fall, so don’t know how to exact act. Just want to understand if my take is right ? Edit : Fairly diversified in other assets but majority in Indian equities, especially kept buying during this dip.