Buy Engineers India, prefer IL&FS Transport: Baliga

Ambareesh Baliga, Independent Market Expert told CNBC-TV18, "I have been positive on Mahindra & Mahindra Financial Services as well as L&T Finance Holdings – both have not performed too well if you look at last one year or so. As a contrarian bet in the non-banking financial companies (NBFC) space which has overall done well except for couple of pocket like these - because of which I was looking at picking up these stocks at lower levels, I see this playing out possibly over the next 12-15 months."

"In addition to this I am looking at something in the infrastructure play like IL&FS Transportation Networks. It is a decent play at these lower levels when we have seen a decent correction. Engineers India, which I was recommending at about Rs 210, has corrected by Rs 15-20, is closer to about Rs 186-187. It is still a great buy," he said.