IIT

It will depend on you if you confirm about that you can qualify JEE next year so you can wait for next year, otherwise don't waste your time anywhere to preparing for IIT.

Hello Diyanshu,
As you missed cut-off according to your cut-off just by 7 marks as if you think that I have done some particular mistake that can be solved next year and I score better next year then you may go.
As you keep in mind that next year may changes were made as one exams for all should be applied.

No, it requires speed to answer and is at Mains level.

Admission in IIMs /FMS / IIT depends a lot on the score you achieve at CAT. The institutes mentioned by you are among the top ranked ones and to seek admission in any of them, you should air for scoring at least 98+ percentile score at CAT and also, do well at the Personal Interview for seeking admission.

Hello Krishna,
As per your rank, your chances nil for getting any nit's,however you may check here for more insights:
https://www.resonance.ac.in/reso/news/JEE-Main-Branch-Predictor.aspx

Hello Juned,
There is no drawbacks in dropping a year for good colleges, however you need to be very determined and need very good practice to score some good marks in JEE advance next year.
All the best.

From this year, rules have been changed as no marks will be considered for JEE but you have to qualify the criteria that is 75% in boards.