Kotak Commodities on Friday said that sell on rise would be a right strategy for commodities like gold, silver and base metals.

In an interview to CNBC-TV18's Manisha Gupta, Aurobinda Prasad Gayan, vice president-research, said, "The talk is making a bit of positive sentiment. Of course as we said, the market is seeing a bit of positive trend, but we are not so sure that the trend will continue to hold so much of gains. I think it is a temporarily phenomenon."

Gayan said, "The kind of game that we are seeing is likely is not to hold so much. So we would say gold is something that still has a bearish trend since it has broken $1,200 and hovering around $1,185. So in the Indian market currently it is trading at Rs 29,500 kind of level for 10 grams. So, bit of pullback in the price maybe towards Rs 29,560 or 29,570 levels, we should go short for the current October contract for a target of Rs 29,300."

First Published:Aug 20, 2018 2:56 PM IST