Party on Dalal Street; experts say it won't last

What started as a stable session, ended up being one of handsome gains, after the market picked up steam in the last hour of trade. The Nifty extended its winning streak and charged towards the 5,650 mark. The Sensex closed 152 points higher at 18,809. (Click HERE to know in detail how the market behaved)

But this euphoria isn't boosting investor confidence just yet. Market, from an index perspective, have gone nowhere in the past two months, says Sajiv Dhawan of JV Capital Services. "We went down substantially and bounced back equally smartly. We have also had this good decision by the government on oil pricing and we are fortunate that oil prices have come off. But and average investor is so incredibly frustrated," he explained.

The next two to three months look very volatile and uncertain to him. "It's great that we are back at 5600. But to get back to 5800, you will need sustained FIIs flows to continue and that will happen only if policy measures continue to be reformist," he told CNBC-TV18.

And how does the short-term trend look like? It's clearly on the upside, Dhawan said. "But if the Nifty moves up another 50-60 points the temptation for lot of traders would again be to either lighten up positions or initiate some fresh shorts or at least some put options. Why? Because I feel the market is still not that great and it