Last year the last student admitted into IITs had a score of 178 marks in Gen Category & 161 marks in OBC Catergory. After reviewing this year's paper, it comes out that the level of difficulty was almost of the same level as the previous year's one. So, the cutoff scores will be more or less the same as last year.
At 120 marks, there's not much hope for you to get admission in IITs. But there are a lot of entrance exams still left for some of the very good colleges in India. I suggest you to immediatly stop pondering over your IIT performance & start preparing for AIEEE & other exams you're supposed to write in the coming days.
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All the best!!!