UPDATES ON JUNE 25 2008

JUNE 25 WEDNESDAY

SHORT TERM TREND : SIDEWAYS : TARGET RS 5760 TO 5920

LONG TERM TREND : BULLISH : TARGET RS 6190

S1 RS 5810, S2 RS 5785, S3 RS 5753

R1 RS 5874, R2 RS 5897, R3 RS 5925

MARKET IS EXPECTED TO MOVE SIDEWAYS

Oil Rises a Fourth Day on Nigerian Output.

Crude oil rose for a fourth day in New York after

Chevron Corp. halted part of its Nigerian output and

Gold man sachs group inc increased oil price forecast.


.Crude oil for August delivery rose as much as 38 cents,

or 0.3 percent, to $137.38 a barrel in electronic trading

on the New York Mercantile Exchange, and traded at

$137.25 at 3:39 p.m. Singapore time. Yesterday,

futures rose 26 cents to settle at $137 a barrel after

touching $138.75, the highest since reaching a record

$139.89 on June 16, on concern that production

losses will deepen.

Brent crude oil for August settlement rose as much

as 54 cents, or 0.4 percent, to $137 a barrel on London's

ICE Futures Europe exchange.

Oil may fall as the Federal Reserve might end a run of

seven interest-rate cuts. The reductions have caused

the dollar to decline, prompting investors to purchase

commodities as an inflation hedge.

Traders see a 90 percent chance policy makers will

leave the target rate for overnight lending between

banks at 2 percent today, compared with 84 percent

odds a week ago, interest rate futures contracts on the

Chicago Board of Trade indicate. The rest of the bets are

for a quarter-percentage point increase.

U.S. crude-oil stockpiles probably fell 1.1 million barrels

in the week ended June 20 from 301 million barrels,

according to the median of responses by 12 analysts

before an Energy Department report today. Inventories

dropped as refiners increased their output and on rising

storage costs.