Neppolian Pillai of Modern Shares & Stock Brokers is of the opinion that one can buy Reliance Communications between about Rs 220 to about Rs 190 kind of levels for a target of about Rs 242-290 kind of levels.

Pillai told CNBC-TV18, "Reliance Communications has come and hit Rs 138 level in the last carnage I think that’s the maximum it could fall. From there it recovered too in this current fall if we get that between about Rs 220 to about Rs 190 kind of levels one can buy it for a target of about Rs 242-290 kind of levels."

He further added, "IDFC also came and hit an all time low of about Rs 43 an equal low of what it hit about 3-4 years back. So it is a kind of done a similar bottom and from there now it is recovering so that will be a buy for me on the downside between about the Rs 55-50 levels, even if it goes down up to Rs 43, I will put out a buy on that for a target of about Rs 66-70."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.