Check out Tuesday's JCI Predictions and Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to move at the pivot level in trading today, Tuesday, December 5. Phintraco Sekuritas estimates that JCI is trading at resistance 7,150, pivot 7,100, and support 7,050.

Phintraco Sekuritas explained that Wall Street indices weakened on Monday. The weakening was triggered by the response of some market players to the statement by the Head of the Fed, Jerome Powell, that it was too premature to talk about cutting the benchmark interest rate at this time.

"In addition, oil prices continued their weakening on Monday. This was triggered by market doubts regarding further cuts to oil production volumes by OPEC+ member countries," wrote Phintraco Sekuritas in its research.

Phintraco Sekuritas said that the level of 7,100 is expected to be the JCI pivot level today. Today's JCI is expected to move within this trading range.

Phintraco Sekuritas recommends making profits from shares of big 4 banks, namely BBCA, BBRI, BBNI, and BMRI. Because the four of them still have the opportunity to continue their technical strengthening today.

"Increasingly clear indications that the Fed and ECB will hold their benchmark interest rates in December 2023 build confidence that BI will also take similar steps," added Phintraco Sekuritas.

On the other hand, Phintraco Sekuritas reminded us to be aware of the potential for a correction or pullback in shares that have recorded a significant rally in the last week, especially in the infrastructure and technology-related sectors.

"Apart from the shares of the big 4 banks, market players can look at speculative buy opportunities on AMMN and AKRA and trading buys on UNTR and BRIS," concluded Phintraco Sekuritas.