Short term a wedge (diagonal) appears to be forming. Question is if it has one last leg higher (red wave-e) or is already completed. A move and close below the grey dotted uptrend line will tell. If completed than it was only three waves up (red a,b,c) if the latter, then there were five waves up (a,b,c,d,e) which will mean it was wave-a or wave-1. The subsequent pullback (wave-2/b) should then be bought for a wave-c/3.
Longer term it could be cycle-4 completed, or price is still in it and becoming more complex. Price will have to move and close back above its 50m SMA to turn this chart back to bullish. For now, the NIFTY is still a long way from doing that.