GMM Pfaudler, Tata Investment and Triveni Tribune shares: BUY—Check short-term target prices, investment rationale

Following its Asian peers, the Indian market opened more than half per cent lower on Wednesday. The broader Nifty50 opened near 17,500, while the Sensex declined by around 400 points in the opening trade. Though the market trimmed some losses after opening, but was still trading with weakness amid volatility.  

There are near-term strong headwinds for risky assets, globally, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

"Bonds are in a strong bear market. US 10-year yield at 3.34 % and dollar index above 110 are strong headwinds for capital flows to EMs like India, FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near-term," he said. 

Meanwhile, outperforming benchmark indices, Nifty Midcap gained 0.3% and Smallcap rose higher by 0.5% in early trade.  

Bank, IT and financial stocks declined, while FMCG attracted buying interest in a weak market.  

Meanwhile, certain stocks came in focus on Tuesday. These stocks were GMM Pfaudler, Tata Investment and Triveni Tribune. GMM Pfaudler declined over three per cent to Rs 1997.80 per share in BSE intraday trade on Wednesday. Tata Investment rose around one percent to Rs 1816.75 a share and Triveni Tribune shares traded flat at Rs 217.40 per share on the BSE.  

Here is what Rahul Goud, Research Analyst - Equity Research, recommends investors should do with following stocks: 

GMM Pfaudler: GMM Pfaudler Limited produces equipment made of alloy steel, glass, and storage vessels. Over the past month, it has increased by 16.8%. Technically, it had been in a range since May 2021, but on Tuesday, with a lot of activity, it broke out above Rs. 1812, showing the market's confidence. The MACD indicator is also indicating bullish momentum on daily charts. For a target price of Rs 2300 in the near future, a trader can purchase the stock at cmp Rs 2046 with a stop loss of Rs 1860. 

Tata Investment: Investing in long-term investments in equity shares, debt instruments, and equity-related securities of firms across a variety of industries is the main activity of investment company Tata Investment Corporation Limited. It has gained 6.43 percent on Tuesday. It is currently trading at a 52-week high, which indicates stock strength according to technical charts. One can purchase Tata Investment at CMP Rs 1810 with a stop loss of Rs 1700 and a target price of Rs 2000 as the momentum indicator ADX is also displaying readings of 31.61, indicating current bullish momentum might continue.   

Triveni Turbine: A holding business, Triveni Turbine Limited manufactures steam turbines and their component parts. Today, it dropped 5.77 percent and closed at Rs 217.9. Stock has made a breakout on a volume-driven retest of the rectangle breakout level. The stock can be purchased by the trader at cmp Rs 217.9 with a stop loss of Rs 208 and a short- term target price of Rs 240. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)