Union budget needs to act on many issues in commodities markets ranging from CTT, sugar export subsidy, gold import duty and implementation of GST.
"We are noticing some short term buying opportunity for October Gold on MCX," says Rajini Panicker, Head of Commodities Research, MF Global Commodities India.
In commodities, Ram Pitre, director of Brics Securities suggested selling crude on a rally between Rs 4,020-4,030 per barrel for a stop loss of Rs 4,060 per barrel and a target of Rs 3,900-3,850 per barrel.
Rajini Panicker, head of commodities research at MF Global Commodities India recommended a short on Multi Commodity Exchange (MCX) crude oil contract at levels of 4,120 for a stop loss of Rs 4,185 per barrel and target of Rs 3,920-3,900 per barrel levels.