Bareksa Analyst Team Stock Recommendations for Today: INDF, HMSP & ITMG
The Bareksa analyst team’s stock recommendations for 24 July 2026: INDF, HMSP & ITMG (Hold/Spec Buy). The IHSG is projected to move between 6,247 and 6,454, with a correction likely. Oil is at US$101/bbl.
The Jakarta Composite Index (IHSG) closed 19 points lower (-0.3%) at 6,315 in Thursday’s trading session on 23 July 2026, pressured by foreign net selling that widened to Rp1.2 trillion.
The Industrials (-1.32%), Consumer Cyclicals (-1.16%) and Financial (-0.89%) sectors were the main drags. BBCA, ASII and TLKM recorded the deepest corrections. The rupiah weakened by 35 points to Rp17,915/USD as Brent crude oil prices surged above US$100/bbl.
Globally, Wall Street fell sharply due to a geopolitical shock after two Saudi Arabian tanker ships were attacked in the Red Sea, pushing Brent up 7.04% to US$101/bbl.
Citing research from Ciptadana Sekuritas Asia (24/7/2026), the IHSG today is expected to move between 6,247 (support) and 6,454 (resistance), with the likelihood of closing lower. The index is approaching the apex of a symmetrical triangle — a breakout or breakdown from the 6,300–6,400 level will determine the direction of the next trend.
Stock recommendations today from the Bareksa analyst team are as follows.
Strategy: Hold / Spec Buy
- INDF – PT Indofood Sukses Makmur Tbk
Last price: Rp6,925
Price target: Rp7,275–7,500
Stop loss: Rp6,600
Buy range: Rp6,675–6,850
Priority entry: Rp6,675–6,700
Analysis: A breakout above the 20-day moving average of Rp6,750 and the 50-day moving average of Rp6,625 on volume 1.6 times the 20-day average; an RSI of 52.59 indicates buying momentum has only just strengthened, with ample room on the upside. Risk-reward ratio from the priority entry is 2.15:1. Hold for those already in position; spec buy on a pullback to Rp6,675–6,700.
- HMSP – PT HM Sampoerna Tbk
Last price: Rp725
Price target: Rp765–785
Stop loss: Rp665
Buy range: Rp670–715
Priority entry: Rp670–680
Analysis: A breakout above the 20-day moving average of Rp680 and the 50-day moving average of Rp665 on volume 1.3 times the 20-day average; an RSI of 55.07 indicates buying momentum has only just strengthened, with room on the upside still available. Risk-reward ratio from the upper entry is 1.2:1. Hold for those already in position; spec buy on a pullback to Rp670–6,80.
- ITMG – PT Indo Tambangraya Megah Tbk
Last price: Rp24,400
Price target: Rp25,625–26,375
Stop loss: Rp23,425
Buy range: Rp23,675–24,150
Priority entry: Rp23,675–23,775
Analysis: A breakout above the 20-day moving average of Rp23,075 and the 50-day moving average of Rp22,750, with an RSI of 52.41 indicating buying momentum has only just strengthened — plenty of upside remains, with the risk-reward ratio from the priority entry reaching 2.55:1. Coal prices stable at US$131 per tonne provide fundamental support. Hold for those already in position; spec buy on a pullback to Rp23,675–23,775.
Key Risk Factors
Brent crude breaks US$100/bbl: Brent rose 7.04% to US$101/bbl after Saudi Arabian tankers were attacked in the Red Sea — the highest level since late May. A sharp rise in oil heightens inflation risks and pressure on the rupiah, which could prompt Bank Indonesia to raise interest rates again.
Foreign net selling of Rp1.2 trillion: Continued and widening foreign selling pressure signals caution among global investors. If the net sell trend continues, the IHSG could test support at 6,150–6,100 before rebounding.
IHSG at the apex of a symmetrical triangle: Ciptadana notes the IHSG is approaching the apex of a symmetrical triangle around 6,300–6,400, the convergence point of a descending trendline and moving averages. A breakout or breakdown from this level will determine the direction of the next trend.
Conclusion
The three stocks selected by the Bareksa analyst team for trading on 24 July 2026 — INDF, HMSP and ITMG — have all formed breakouts above both moving averages, with RSI readings that still leave room on the upside. ITMG offers the best risk-reward ratio (2.55:1 from the priority entry), reinforced by stable coal fundamentals. Amid rising oil prices and widening foreign net selling, prioritise entries at the lower end of the ranges: INDF at Rp6,675–6,700, HMSP at Rp670–680, and ITMG at Rp23,675–23,775. Discipline on each stock’s stop-loss level is key.