UPDATES ON JULY 29 2008

JULY 29 TUESDAY

SHORT TERM TREND : BEARISH: TARGET RS 383

LONG TERM TREND : BULLISH: TARGET RS 530

S1 RS 388, S2 RS 385, S3 RS 383

R1 RS 395, R2 RS 398, R3 RS 401

PREFER SHORT AT RS 395.30 TO 395.60

STOP LOSS RS 399

TARGET RS 385


Crude oil traded near $125 a barrel in New York after rising

1.2 percent yesterday as Royal Dutch Shell Plc reduced

Nigerian production because of an attack on a

pipeline by militants.

Prices have dropped more than $20 from the record $147.27

a barrel reached on July 11 on concern that high prices have

cut demand for fuel in the U.S., the world's largest energy

consumer. The nation's motorists drove less in May than

a year earlier, a seventh consecutive monthly drop, the

Federal Highway Administration reported yesterday.

OPEC President Chakib Khelil said in Jakarta today

the producer group wants to ensure adequate oil supply

to consumers and there isn't any need to cut production.

The Organization of Petroleum Exporting Countries will meet

in Vienna on Sept. 9. The group left production unchanged

at its past three meetings in December, February and March.