JULY 15 2008

JULY 15 TUESDAY

SHORT TERM TREND : BULLISH: TARGET RS 6330

LONG TERM TREND : BULLISH : TARGET RS 6460

S1 RS 6190, S2 RS 6156, S3 RS 6110

R1 RS 6260, R2 RS 6290, R3 RS 6330

PREFER LONGS AT RS 6190 TO 6180

STOP LOSS RS 6140

TARGET RS 6260

Oil steady, weighs demand fears vs supply risks.

Oil was steady under $145 on Tuesday, as dealers weighed

the impact of high oil prices on global demand against fresh

threats of supply disruptions in Nigeria, Brazil and Iran.

U.S. crude was 30 cents lower at $144.88 a barrel at 0131 GMT,

while London Brent crude fell 32 cents to $143.60 a barrel.

Traders remained concerned about possible supply

disruptions from OPEC member Nigeria -- where

militants in the oil producing region abandoned a cease-fire

-- and from Iran amid tensions with Israel and the West

over Tehran's nuclear program.

The dollar steadied near a record low against the euro on

Tuesday, after rising on the U.S. announcement of an

emergency plan to support two struggling top mortgage

lenders, but worries about economic growth and the financial

system capped its rise.

Rising fuel costs have sparked global protests and cut U.S.

fuel demand during the typical peak summer gasoline season,

but robust growth in emerging economies continues to keep

their appetite to consume high.

Markets were also eyeing a low-pressure system about

1,300 miles east of the Lesser Antilles that could develop

into a tropical depression.

A Reuters poll ahead of weekly U.S. government inventory

data forecast that U.S. crude stocks fell 1.2 million barrels last

week. U.S. gasoline inventories were seen down 300,000

barrels while distillate stocks were seen up 1.9 million barrels.