After two successive days of gains the momentum lost some of the steam on Wednesday, increasing near-term uncertainty and calling into question the sustainability of any short-term spurts. Volumes have not been great either, which reinforces the fact that buyers are lacking in conviction. Overall, the market sentiment remains shaky and there are still chances of it cracking further. Technical traders of course are watching whether the key indices hold on to the crucial 200-DMA support levels.
The start today is likely to be lower again as global cues are not supportive today. The much-hyped Cabinet rejig turned out to be an anti-climax. The PM has promised another such exercise after the Budget session. But, generally there is a feeling of discontent as far as the performance of UPA II is concerned.
It remains to be seen how the new-look Cabinet fares over the next few months. The Budget session as well as couple of state elections will be the litmus test for Manmohan Singh & Co.
