Colgate-Palmolive & Sun Pharma: What Kiran Jani of Jainam Broking says on these 2 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Tuesday said investors should opt for 'buy-on-dip' strategy at current levels. On the stock-specific front, the market expert selected Colgate-Palmolive (India) Ltd as one of his top picks for the day from the large-cap segment.

"We recommend a 'Buy' call on the stock. It can deliver good returns from the current market price. Expected target would be Rs 2,760, keeping a stop loss placed at Rs 2,710," Jani told Business Today TV. Colgate-Palmolive shares were last seen trading 2.36 per cent lower at Rs 2,669.

The other stock which the analyst suggested from the large-cap space was Sun Pharmaceutical Industries Ltd. "We have a 'Buy' call on Sun Pharma with a target price of Rs 1,595. Keep stop loss at Rs 1,549," Jani stated. The pharma major was down 0.68 per cent at Rs 1,560.80.

Meanwhile, Indian equity benchmarks were trading sharply lower today, led by weakness across all sectors. Broader markets (mid- and small-cap shares) were down as well.

Foreign institutional investors (FIIs) sold Rs 2,051.09 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 2,260.88 crore worth of shares, exchange data showed.

All the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty FMCG, Nifty Consumer Durables, Nifty IT and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 1.39 per cent, 0.86 per cent, 1.92 per cent and 1.41 per cent.

On the stock-specific front, Tata Consultancy Services (TCS) was the top loser in the Nifty pack as the stock cracked 3.19 per cent to trade at Rs 4,019.95. BPCL, Cipla, Nestle India and Dr Reddy's fell up to 3.07 per cent.

In contrast, Bajaj Auto, Bajaj Finance, Airtel, ICICI Bank and Hindalco were the top gainers on Nifty50.

The overall market breadth was weak as 2,164 shares were declining while 1,274 were advancing on BSE.