UPDATES ON JULY 11 2008

JULY 11 FRIDAY

SHORT TERM TREND : SIDEWAYS: TARGET RS 5860 TO 5975

LONG TERM TREND : BULLISH: TARGET RS 6460

S1 RS 5885, S2 RS 5860, S3 RS 5830

R1 RS 5960, R2 RS 5990, R3 RS 6035

MARKET IS EXPECTED TO MO0VE SIDEWAYS.

Oil Is Little Changed After Rising 4% on Concern About Supplies .

Crude oil was little changed in New York after rising 4

percent yesterday as Brazilian oil workers threatened a

strike and on rising concern that supplies from the

Middle East and Nigeria may be disrupted.

Crude oil for August delivery rose 6 cents to $141.71 a

barrel on the New York Mercantile Exchange at 10:59

a.m. in Singapore. Yesterday, it soared $5.60 to settle

at $141.65 a barrel, the biggest one-day increase since

June 6. Prices had risen to an intra-day high of $142.13

a barrel. Nymex crude oil touched a record $145.85 on

July 3. Futures are up 96 percent from a year ago.

Iran, the second-biggest producer in the Middle East,

this week tested missiles capable of reaching Israel,

increasing concern that a conflict may cut supply. The

Movement for the Emancipation of the Niger Delta said

attacks will resume on oil facilities.

Iran's military yesterday fired the missiles during a third

day of war games, Agence France-Presse reported, citing

the Web site of Iranian state-run television. Missiles

were also launched on July 9.

Brent crude oil for August settlement fell 7 cents to $141.96

a barrel at 10:57 a.m. Singapore time on London's ICE

Futures Europe exchange. Yesterday, the contract

gained $5.45, or 4 percent, to $142.03 a barrel. Prices

climbed to a record $146.69 on July 3.