UPDATES ON JULY 30 2008

JULY 30 WEDNESDAY

SHORT TERM TREND : BEARISH: TARGET RS 5120

LONG TERM TREND : BULLISH: TARGET RS 6460

S1 RS 5125, S2 RS 5080, S3 RS 5020

R1 RS 5217, R2 RS 5260, R3 RS 5310

PREFER SHORT AT RS 5217 TO 5223

STOP LOSS RS 5260

TARGET RS 5140

Crude Oil Trades Near 12-Week Low on Slowing Gasoline Demand .

Crude oil traded near the lowest in 12 weeks on

speculation gasoline demand in Asia and the U.S.

may slow after near-record prices reduced consumption.

Crude oil for September delivery was at $122.12 a barrel,

down 7 cents, at 12 p.m. Singapore time on the New York

Mercantile Exchange. Yesterday, it fell $2.54, or 2 percent,

to $122.19 a barrel, the lowest close since May 6. Prices are

up 59 percent from a year earlier.

The Energy Department report today will probably show

that gasoline inventories rose 400,000 barrels last week,

according to the Bloomberg survey.

India, Vietnam, Malaysia and Indonesia have raised prices

of diesel and gasoline in the past two months to cut

government expenditure aimed at capping fuel prices

and keeping inflation in check.