Technical analyst Abhishek Jain of Stocksidea. com has suggested investors to buy Reliance Communications stock for a short-term period of 1-2 weeks.

Mr. Jain expects the stock to hit a target of Rs 355.

The company is presently trading around Rs 312-316 level.

According to Mr. Jain, the stock may face some resistance around Rs 342 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 260.

The stock is looking technically strong and the indicators are showing good up move for next few days.

Shares of the company, on Thursday (May 22), closed at Rs 315.55 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 & 27.68 respectively.

The Supreme Court (SC), on May 13, issued notice to RCom on an appeal filed 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.