JCI Monday Potentially Strengthens Again, What Stocks Are Recommended?

JAKARTA - The movement of the Composite Stock Price Index (JCI) strengthened 0.28 percent or 19.66 points to 6,977.67 at the end of trading on Friday, November 17. As for a week, the JCI strengthened 2.47 percent.

Phintraco Sekuritas mengatakan untuk perdagangan hari ini, Senin 20 November, investor bisa menyakati peluang rebound lanjutan pada saham defensive di tengah infikasi overbought IHSG. Indeksi, diperkirakan akan bergerak dengan jarang support 6.880 dan resistance 6.980.

"Be aware of the potential profit taking when the JCI enters resistance areas of 6,980 to 7,000. Stochastic RSI indicates that the condition is very overbought in line with Friday's strengthening," explained Pintraco Sekuritas research.

For Monday's trading, the JCI is still supported by the trend of strengthening the rupiah exchange rate in the last two weeks. The rupiah exchange rate rose 0.32 percent to IDR 15,490 per US dollar on Friday afternoon.

The strengthening of the rupiah exchange rate was influenced by confidence in the Fed, ECB and BoE to hold the benchmark interest rate at the next nearest meeting.

Still related to monetary policy, Bank Indonesia is also expected to hold the benchmark interest rate at 6 percent this month after the 25 bps increase at the October 2023 meeting.

Related to this, defensive stocks such as TLKM and UNVR can be considered. Other defensive stocks with buying opportunities include TBIG, MYOR, SMGR, and INTP also deserve to be observed.