Rehan, best to run at top mark on the dip stick.
If the oil light comes on, then I doubt if any oil will show on the dip stick.
Yeah you're right.
I remember the oil light flickering on and off when I was on the track and eventually the engine started becoming noisy. When I checked the dipstick, it was completely dry.
OP: Keep your oil topped up buddy, this is crucial! It may also be beneficial doing a compression test. If that checks out fine then perhaps check it if could be your center seals.
Also, you can use a thicker oil like 10w40 fully synthetic or something.