Bareksa Analyst Team Stock Recommendations for Today: INDF, HMSP & ITMG

The Jakarta Composite Index (IHSG) closed 19 points lower (-0.3%) at 6,315 on Thursday, 23 July 2026, pressured by foreign net selling which swelled to Rp1.2 trillion. The Industrials (-1.32%), Consumer Cyclicals (-1.16%), and Financials (-0.89%) sectors were the main drags. BBCA, ASII, and TLKM recorded the deepest corrections. The rupiah weakened 35 points to Rp17,915 per US dollar as Brent crude oil prices surged above US$100 per barrel. Globally, Wall Street suffered a significant correction due to a geopolitical shock after two Saudi Arabian tankers were attacked in the Red Sea, pushing Brent prices up 7.04% to US$101 per barrel. Citing research from Ciptadana Sekuritas Asia, the IHSG is expected to move in the range of 6,247 (support) to 6,454 (resistance) today, with a 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 next trend direction. The strategy for the day is Hold or Speculative Buy. For INDF, the analysis indicates a breakout above the MA20 at Rp6,750 and MA50 at Rp6,625 with volume 1.6 times the 20-day average. The RSI of 52.59 suggests strengthening new buying momentum with ample upside room. The risk-reward ratio from the priority entry is 2.15:1. Investors are advised to hold existing positions or spec buy on a pullback to Rp6,675–6,700. For HMSP, the stock shows a breakout above the MA20 at Rp680 and MA50 at Rp665 with volume 1.3 times the 20-day average. The RSI of 55.07 indicates strengthening new buying momentum. The risk-reward ratio from the upper entry is 1.2:1. The recommendation is to hold or spec buy on a pullback to Rp670–680. For ITMG, the analysis highlights a breakout above the MA20 at Rp23,075 and MA50 at Rp22,750 with an RSI of 52.41, indicating strengthening new buying momentum with a wide upside. The risk-reward ratio from the priority entry reaches 2.55:1. Stable coal prices at US$131 per ton provide fundamental support. The advice is to hold or spec buy on a pullback to Rp23,675–23,775. Key risk factors include Brent crude breaching US$100 per barrel, which heightens inflation risk and rupiah pressure, potentially prompting Bank Indonesia to raise interest rates again. The continuing and enlarging foreign net sell pressure indicates global investor caution. If the trend persists, the IHSG could test support at 6,150–6,100 before rebounding. The three selected stocks are all forming breakouts above their moving averages with RSI levels that still provide room for gains. ITMG offers the best risk-reward ratio at 2.55:1 from the priority entry, supported by stable coal fundamentals. Amid rising oil prices and increasing foreign net selling, investors are advised to prioritise entries at the lower end of the range and maintain strict discipline on stop-loss limits.