This site receives several questions on chances of getting admission to a certain school. "If I have a score of X, do I have a good chance of getting into XYZ university?", a scared Indian applicant typically asks.
Risk minimization, apparently is a trait of current generation of applicants. While there's nothing wrong about it, sometimes I do wish the youngers folks took a bit more calculated risk about their future. Practically everything is "chance" related. By applying you do have some chance of admission, even into Harvard, no matter how small. However, by NOT applying your chances are ZERO. So, which one would you rather have? Refer http://zenhabits.net/uncertainty/ It's a good read. Didn't you play games in your childhood? If the winning/losing was certain, would the game still be fun? Probably, like many Indian students, you didn't play much and focused more on cracking "predictable" exams designed by our government sponsored education boards. It's never too late. Engaging in some chance related activity (even playing a computer game) on a daily basis helps.
That said, I do realize that the application process is costly and takes away some time and energy out of your schedule. However, as with most costs, there's some fixed and variable component to it. Making a second application will typically take away less than twice the time/money it took you to make the first, because you can reuse your score, CV, essays, at least partly. While it doesn't mean that you should apply to a 100 schools, you could budget the resources you have, and arrive at an optimal number of schools, say 5, in your case.
Next step would be to choose those 5 from the virtually infinite choice you have! This is the hard part. You may allocate 5 into: two safe choices, and three ambitious choices of increasing difficulty. What's the worst that could happen? You may end up in your safe place... or you would do something else for a while, and try again next year. Is that so bad?