Nirmal Bang has maintained 'Buy' rating on Reliance Communications Ltd stock to achieve a target of Rs 350 within 4 to 5 trading sessions.

Technically on the daily chart the counter is giving an overbought sign as the RSI is at 77, but the stock can be purchased on dip as strong support is placed in the region of
290-275.

Shares of the company, on Thursday (May 21), closed at Rs 322.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 606.70 and a low of Rs 131.35 on BSE. Current EPS and P/E of the stock stood at 11.40 & 27.61 respectively.

According to Nirmal Bang, huge buying interest was seen in the cash segment.

The Supreme Court (SC), on May 13, issued notice to RCom on a petition by MTNL saying that the private mobile services provider had meddled with the route of decrypting the point of origin of a call.

MTNL has sought the transfer of RCom`s appeal pending before the telecom tribunal and clubbing it with another plea pending before the SC.

On May 08, Reliance Big TV said that it has decided to sign agreements with Fox, Warner Brothers and Korean Broadcasting.

The company is also said to be in advanced discussions with international DTH operators and a few private equity investors to divert 49% stake for Rs 80 billion.

During March 2009, RCom added 3 million wireless customers.

Reliance had 69.6 million subscribers at the end of February, data from the telecom regulator showed.

The company offers a high-capacity, integrated (both wireless and wireline) and convergent (voice, data and video) digital network.