CLOSING COMMENTARY FOR AUG 31 MONDAY

Crude oil prices dropped nearly 4 % in MCX as expected

and prices touched near psychological level of 3400.

But overall the medium term term looks positive with

the band of 2900 - 3700. A negative close with selling

pressure below 3400 could be negative other wise buying

could come at these levels for the upper band target

of 3700 levels.