The JCI is Projected to be Corrected on Tuesday, These 5 Stocks are Worth Collecting

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Jakarta Composite Index (IHSG) is projected to be corrected in today's trading, Tuesday April 4, after rising 0.32 percent or 21.89 points yesterday to a level of 6.827.

Phintraco Sekuritasn in his research predicts that the JCI is prone to correction today, and is expected to trade at resistance 6.850, pivot 6.820, support 6.780.

"The death cross on the stochastic RSI indicates that the JCI is still prone to correction for some time to come, including on Tuesday. Today's JCI has the potential to close the gap to 6.760, if it breaks low to 6.780," wrote Phintraco Sekuritas.

Externally, Phintraco Sekuritas said China Caixin Manufacturing PMI fell to 50 in March 2023, from 51.6 in February 2023. Despite this decline, this condition shows that China's manufacturing sector is still in an expansive condition.

Domestically, Phintraco Sekuritas said inflation slowed deeper than expected to 4.97% yoy in March 2023 from 5.47% yoy in February 2023.

"However, market players need to be aware of spikes in inflation following the potential increase in demand ahead of Idul Fitri," explained Phintraco Sekuritas.

Still from within the country, Phintraco Sekuritas explained, the Indonesian Manufacturing Index rose to 51.9 in March 2023 from 51.2 in February 2023. In line with this, the Rupiah exchange rate strengthened to IDR 14.965 per US dollar on Monday afternoon, April 3.

Technically, Phintraco Sekuritas assesses that the majority of shares are in the overbought area. So that market participants should pay attention to opportunities to buy on support or buy at the lowest price in these elite stocks.

"These elite shares are BBRI, SMGR, MIKA, ICBP and INDF," explained Phintraco Sekuritas.