Cathal Beacom scored with a 55th-minute free-kick which evaded everyone before finding the net to secure a point for the Mallards at Ferney Park.
Coleraine dominated the game and took the lead in the 14th minute when Gary Browne tapped in from close range after meeting an Eoin Bradley cross.
Andy Crawford twice went close in the first half, stinging the hands of Wayne Drummond on both occasions.
Ballinamallard stay seventh but Coleraine move up a place to eighth.
Next week, Coleraine host Glenavon while Ballinamallard travel to play Warrenpoint Town.