WD My Cloud

I have purchased a new WD My Cloud and I have a single static IP provided to me by MTNL (ISP - Mumbai).

Kindly let me know if i can configure the same with a single static IP or whether I would require a pool of IP.

the single static IP should go to the router then the internal LAN should use non-routable IPs such as 192.168.x.x

I would not suggest placing the mycloud directly on the Internet for security