When a body is in circular motion, realistically, it experiences only the centripetal force, created by gravitational pull, tension etc. , which gives it acceleration towards the centre. Now, assuming we were to fill a bucket with water, and whirl it in the vertical plane. There will be a certain velocity when the water doesn't fall out even when the bucket is upside down. At that instant, if we were to write down the forces that act on the water, they would be the Normal reaction by the bucket, and it's weight. This means that the net force is downwards. Why doesn't the water fall down, since there's no force in the upward direction? Centrifugal force is a psuedo force, so it shouldn't be applicable here, as the water won't wall down even if I watch from a non inertial frame. How can one explain this phenomenon?
Also, say we were to fit a ring in a rod, and rotate the rod, the ring will eventually slip and fall off. Why does this happen if there is no outward force?