Look at Elecon Eng, EIH Hotels, Balmer Lawrie: Jai Bala

Jai Bala of cashthechaos.com told CNBC-TV18, "I am looking at stocks like Elecon Engineering. It is a smallcap stock and if you look at something like EIH Hotels it is looking attractive. Even Balmer Lawrie is looking attractive. So each of these stocks will have about 20-25 percent upsides from current level but you need to be a bit patient here. We are in the midst of a correction. Let each of the stocks clock one day reversal to the upside and then you can look at taking positions out here."

Disclosure: Analyst does not have any positions in any of these stocks.

On Monday, Elecon Engineering Company closed at Rs 49.10, down Rs 0.15, or 0.30 percent. It has touched an intraday high of Rs 49.85 and an intraday low of Rs 48.25.