UPDATES ON JULY 9 2008

JULY 9 WEDNESDAY

SHORT TERM TREND : BEARISH: TARGET RS 528

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 536, S2 RS 532, S3 RS 528

R1 RS 543, R2 RS 546, R3 RS 550

PREFER INTRA DAY SHORTS AT RS 542.50 TO 543

STOP LOSS RS 546

TARGET RS 536

Refineries probably operated at 89.2 percent of capacity

last week, unchanged from the week before, according

to the median of responses.

Analysts were split over whether gasoline stockpiles rose

or fell. Supplies probably increased 50,000 barrels from

210.9 million barrels the prior week, according to the

median of responses.

Supplies of distillate fuel, a category that includes heating

oil and diesel, probably rose 1.95 million barrels from

120.7 million barrels the prior week, according to the

survey. It would be the ninth straight increase.