Yes. That's what the Nolvadex is actually for, it's used to prevent "rebound" gynomastia from elevated estrogen levels after a steroid cycle.
The Clomid will stimulate the testes to produce Testosterone and the Nolvadex will help prevent nipple soreness, discharge, and development of fatty male breast tissue. Both will restore hormone balance to your body in weeks instead of months, resulting in your libido and energy levels returning to normal and ensure you don't suffer any adverse side effects. This combo allows one to rapidly bounce back to normal after a steroid cycle and keep a large percentage of muscle and strength.