Is the following sentence correct or not : Safy will be dancing while Tom will be singing ?
I'd go along with this version: Safy will be dancing while Tom is singing.
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I'd go along with this version:
Safy will be dancing while Tom is singing.
I agree with KhoshtipMan. That is almost certainly what you meant. But if "while" means "and on the other hand", it becomes "Safy will be dancing, while Tom will be singing", meaning that they will be doing those things at different times, during a show, perhaps.