As can be seen in the accompanying weekly chart, Nifty has traced out an A-B-C rally within C2. The current rise has retraced 78.6% retracement and is near the top end of the channel suggesting the end of wave 2.

The daily chart shows the 5-waves within the last wave from 4760. A confirmation would be a break below the 5815 levels on Cash Nifty.

Also look at the massive divergences on the MACD.