JCI Thursday Menguat, These Six Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to strengthen in today's trading, Thursday, March 21, after weakening 0.08 percent or 5.62 points to 7,331.13 yesterday.

MNC Sekuritas analyst Herditya Wicaksana added that the JCI movement will still be influenced by developments in the Fed's policies and the movement of world commodity prices such as crude oil that is heating up again.

He estimates that the JCI has the opportunity to strengthen with support at the level of 7,288 and resistance at 7,341 this Thursday.

Phintraco Sekuritas analyst Nurwachidah predicts that the JCI will tend to fluctuate above support of 7,300 today. Technically, the support power is at 7,300 based on the oversold condition at the Stochastic Relative Strength Index (RSI) and is supported by the narrowing of the negative slope moving convergence divergence (MACD).

From domestic, the JCI tends to be supported by the decision of the Board of Governors' Meeting (RDG) of Bank Indonesia (BI) in holding the benchmark interest rate at 6 percent. BI also maintains projections for Indonesia's economic growth at the level of 4.7-5.5 percent for 2024.

BI estimates that investment realization can be a support for Indonesia's economic growth in addition to domestic consumption.

From external, today's JCI movement will reflect the market participants' response to the Federal Reserve's latest monetary decision on Thursday. A more dovish view from the Fed Chair will have a positive impact on capital flow and the rupiah exchange rate.

According to Phintraco Sekuritas, the stocks of the top picks for today include BBRI, BBNI, BTPS, JSMR, SIDO, and GJTL.