Nifty50 is again moving in a correction format, this will be massive wave 4 and will bleed out all profits. Stay careful, wave 4 is not to be played but observed - perhaps play with hard stop loss. Check out the wave count cheat sheet mentioned in the Education section of Charts- Stocks.
If this falls in 5 waves then this is Wave A and we continue with this count. If it breaks current high then we will have to relook at counts.
Happy Trading!