Check Out Wednesday's JCI Projection And Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) weakened 0.47 percent or 33.1 points to 6,961.79 on Tuesday, November 22. So how is the JCI movement for today, Wednesday, November 23?

Phintraco Sekuritas in his research said that the JCI, which was corrected on Tuesday, was in accordance with its estimates, after testing the psychological level of 7,000 again. Along with these corrections, technically, Stochastic RSI formed a death cross on the overbought area.

"For Wednesday, there is a possibility that the JCI will reflect the market response to the FOMC The Fed minutes which will be released in the early hours of the morning," explained the research of Phintraco Sekuritas.

If there is confirmation of instructions that the Fed will hold the benchmark interest rate in the FOMC December 2023, it can limit the potential for further corrections to the JCI on Wednesday. In addition, the market is also waiting for the results of the Bank Indonesia (BI) Board of Governors Meeting which will be announced on November 23, 2023.

BI is believed to hold the benchmark interest rate at 6 percent. The JCI will move in the range of 6,940-6,970 today.

The recommended stocks to be observed include PT Bank Central Asia Tbk (BBCA), PT Indosat Tbk (ISAT), PT XL Axiata Tbk (EXCL), PT Hanjaya Mandala Sampoerna Tbk (HMSP). Then, trading buy shares of PT AKR Corporindo Tbk (AKRA).