UPDATES ON JULY 29 2008

JULY 29 TUESDAY

SHORT TERM TREND : BEARISH: TARGET RS 5130

LONG TERM TREND : BULLISH : TARGET RS 6460

S1 RS 5220, S2 RS 5185, S3 RS 5138

R1 RS 5285, R2 RS 5320, R3 RS 5360

PREFER SHORT AT RS 5285 TO 5280

STOP LOSS RS 5320

TARGET RS 5220

Crude Oil Trades Near $125 After Attack on Nigerian Pipeline .

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.

Crude oil for September delivery rose 31 cents to $125.04 a

barrel at 11:50 a.m. Singapore time on the New York

Mercantile Exchange. Earlier, it gained 86 cents, or 0.7

percent, to $125.59. Oil has increased 63 percent in the

past year. Yesterday, crude climbed $1.47, or

1.2 percent, to $124.73.

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.

The International Monetary Fund yesterday said there's no

end in sight to the U.S. housing recession and warned that

deteriorating credit conditions for consumers and banks

may prolong a period of slow economic growth.

Brent crude oil for September settlement rose 31 cents to

$126.15 a barrel at 11:35 a.m. Singapore time on London's

ICE Futures Europe exchange. Yesterday, the contract

gained $1.32, or 1.1 percent, to $125.84.