UPDATES ON JULY 10 2008

JULY 10 THURSDAY

SHORT TERM TREND : BULLISH: TARGET RS 82.30

LONG TERM TREND : BEARISH: TARGET RS 65

S1 RS 75.60, S2 RS 74, S3 RS 72.40

R1 RS 78.50, R2 RS 80.20, R3 RS 82

MARKET IS EXPECTED TO MOVE SIDEWAYS TO HIGHER.

PRICES ARE TRADING NEAR INTRA DAY RESISTENCE.

WAIT FOR SUPPORT FOR FRESH ENTRIES.

Lead rally on short-covering.

Lead up 10.4 pct on short-covering.

Lead jumped 10.4 percent onWednesday on signs

London Metal Exchange stocks started to level off.

Lead for delivery in three months MPB3 hit an intraday

highof $1,800 per tonne just after it closed at $1,790, up

9.8percent, compared to $1,630 on Tuesday.

"Stocks appear to be levelling out after four months of

strong gains," said analyst David Thurtell at BNP Paribas.

"Cancelled warrants have jumped in recent days, which

suggeststhat the low prices of recent weeks has sparked

some significantofftake."

Lead prices have more than halved since early March

as LMEinventories have more than doubled due to

lack of demand.

There was also talk of supply disruptions in the UnitedStates.

"This triggered a little bit more interest in the market

and now several stops have been triggered," a trader said.