Positive sentiment priced in but still headroom to 5.992-6.060
Continued buying in big caps (ASII, BBNI, BBRI, BMRI, HMSP, and INDF) rallied the index 2% higher in the second session, sentiment driven by 2019 social aid program in which could boost consumer spending, GDP growth and positive regional markets also kept bears at bay. We look at good vibes being priced in the rally but on a technical standpoint the upside could run into 5.992-6.060 before a significant correction is seen.
Support: 5.830-5.770-5.670-5.550-5.450, Resistance: 5.992-6.060-6.130
Stock picks: (BUY: UNTR, BBNI, HMSP, & ASII)
- United Tractors (UNTR) (Profit taking target: Rp.35.850-36.850)
Entry (1) Rp.34.300, Entry (2) Rp.33.600, Cut loss point: Rp.33.100
- Bank BNI (BBNI) (Profit taking target Rp.7.450-7.550)
Entry (1) Rp.7.175, Entry (2) Rp.7.075, Cut loss point: Rp.6.975
- HM Sampoerna (HMSP) (Profit taking target Rp.3.850-3.950)
Entry (1) Rp.3.620, Entry (2) Rp.3.520, Cut loss point: Rp.3.470
- Astra International (ASII) (BUY) (Profit taking target: Rp.7.450-7.550)
Entry (1) Rp.7.225, Entry (2) Rp.7.125, cut loss point: Rp.7.050
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Yuganur Wijanarko Senior Research
