Quiet, weak markets are good to sell. They ordinarily develop into declining markets. But when a market has gone through the stages of quiet and weak to active and declining, then on semi-panic or panic, it should be bought freely.
So now we finally have some panic. While this panic is buyable, unless you are skilled and very confident of what you are doing, I see no rush to buy. Any rally, if it starts from here will have enough time to offer buying opportunities. Also if you see dip buyers and others getting too active, it is most likely that after a weak rally there will be another down move. As of now I still see lots of bullishness and people still holding on to momo names. So probably it will take couple of more scares for the market to put meaningful low. Low risk buy opportunities will appear after few weeks.
Update: With buyers rushing in to buy and the final numbers looking not as scary as they looked around 2:30, this move may have more downside after attempts at bounce.There is still no real fear in the market