JCI Potentially Rebound Monday, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to rebound in today's trading, Monday, April 1, after last weekend slipping 21.28 points to the level of 7,288.81.

Phintraco Sekuritas in his research said, in trading earlier this week or early April the JCI is projected to potentially rebound with support at the level of 7,238 - 7,179 and resistances ranging from 7,321 - 7,346 levels.

"The formation of the doji candlestick as well as the technical stochastic Relative Strength Index (RSI) indicator in the oversold area, shows the potential for a rebound in early April trading. JCI will test the pivot at the level of 7,300," explained Phintraco Sekuritas.

Globally, the Institute for Supply Management (ISM) Manufacturing Index or Purchasing Managers' Index (PMI) of the United States (US) for March 2024 is projected to increase to 48.00 from the previous level which was at 47.80.

Despite the increase, this condition is still considered to show that the manufacturing sector in the US is still in the contraction zone (<50). This indicates that growth in the sector is still limited.

Meanwhile, regionally, the market is waiting for the release of China's Caixin Manufacturing PMI data for March. It is projected to tend to be stable in the expansion zone (>50) or at the level of 50.90.

It can be understood that the manufacturing sector in China is still in an expansive zone. However, China's overall economy is still under pressure by the economic recovery process that is not yet fully stable.

Meanwhile, from the domestic market, Indonesia is waiting for the release of inflation data which is scheduled for release this Monday. It is projected that inflation will increase to reach 3.20 percent in March 2024.

"This is considered normal considering that the Eid moment often causes a high level of consumption and demand for a variety of items that soar, thus creating a phenomenon of demand-pull inflation. However, high inflation rates are a concern because they can reduce consumption levels which are usually high in the Eid period," explained Phintraco Sekuritas.

The stocks that deserve to be watched this Monday include INCO, KLBF, INDY, TBIG, AMRT, and INDF.