JCI on Tuesday Prone to Profit Taking, Eight Stocks Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to be prone to profit taking today, Tuesday 28 November. Today's JCI is expected to trade in the resistance range of 7,050, pivot 7,000, support 6,950.

Phintraco Sekuritas in its research explained that technically, the JCI today is still in a condition prone to profit taking. For this reason, be aware of the potential for a pullback to the critical level at 7,000.

"The reason is, today the JCI experienced another pullback after testing the resistance of 7,050. The JCI again formed a long upper-bound for the second time in a row," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the slowdown in M2 money supply growth in Indonesia to 3.4 percent yoy in October 2023 from 6 percent yoy in September 2023 strengthens market confidence in the downward trend in inflation towards the end of 2023

Thus, it is believed that BI has room to return to holding the benchmark interest rate at the level of 6 percent in the December 2023 RDG.

"This condition triggered a significant strengthening (0.45 percent) of the Rupiah exchange rate to a level of IDR 15,490 per US dollar on Monday afternoon," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends trading buy on BBTN, BMRI, CTRA, SMGR and UNTR. Meanwhile, buy on support opportunities on ACES and ISAT and also pay attention to speculative buy opportunities on BMTR.