Buy Engineers India on dips, advises Ambareesh Baliga

Ambareesh Baliga, Independent Market Expert told CNBC-TV18, "Engineers India (EIL) was in the region of Rs 195-200-210. It has recently broken out of that range, closer to Rs 230-235 levels now. However, this can still be bought on dips because this is one of those few spaces where you can see a exponential growth because the user industry which is basically the oil marketing companies (OMCs) and the oil majors are sitting on decent amount of cash and will start spending on asset building which they have not done in the past couple of years. So, I think the first choice would be Engineers India."

At 10:03 hrs Engineers India was quoting at Rs 237.60, up Rs 0.70, or 0.30 percent. It has touched an intraday high of Rs 240.90 and an intraday low of Rs 237.15.