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Power Play: Betting on low oil prices

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Oil is taking a hit on Wednesday after rallying in recent days. With WTI and Brent down about 50 percent from year-ago levels, how can investors take advantage of the low prices?

Doug Sandler, chief equity strategist at Riverfront Investment Group, told CNBC's "Power Lunch" he's looking at some of the "beneficiaries like transport, credit card companies, packaging companies and aerospace defense. "

Read MoreOil expert: This is a 'dead cat bounce'

Another play is through consumer discretionary ETFs.

Carmine Grigoli, chief investment strategist at Mizuho Securities, recommends buying the broader consumer discretionary ETF and more specific ones such as retail or housing.

"Consumer discretionary will benefit from lower oil prices. I plan to add to it on a pullback," Grigoli said.

WTI is trading down six percent on Wednesday, while Brent is off about five percent.