Gotrade News - Indonesia's benchmark stock index (IHSG) closed down 0.46% at 7,541 on Wednesday (April 22). The index is expected to trade in a narrow range of 7,500 to 7,600 on Thursday.
MNC Sekuritas analyst Herditya Wicaksana projects support at 7,525 and resistance at 7,570. Meanwhile, brokerage Phintraco Sekuritas sees consolidation within a 7,500 to 7,600 band.
Key Takeaways:
- Indonesia's IHSG faces correction risk toward 7,245 to 7,447 based on Elliott Wave analysis
- Bank Indonesia held its benchmark rate at 4.75% with credit growth at 9.49% year-over-year
- Analysts recommend selective buying in Indonesian blue chips with tight stop losses
Technical Signals for IHSG
The IHSG failed to break above its 5-day moving average at 7,591. The MACD histogram remains positive but is narrowing, while the Stochastic RSI has entered overbought territory.
MNC Sekuritas analyzes the index as sitting at the end of wave [iv] or wave [a] of wave B in Elliott Wave terms. This pattern suggests correction risk toward the 7,245 to 7,447 zone in the near term.
In the short term, the index could test the 7,580 to 7,601 range before any pullback. Key support sits at 7,488 and 7,351, with resistance at 7,700 and 7,861.
Market Sentiment and Central Bank Policy
The extension of the U.S.-Iran ceasefire sent mixed signals to markets across the region. While the truce eased immediate tensions, it prolonged uncertainty around the Strait of Hormuz and crude oil prices.
Bank Indonesia held its benchmark interest rate steady at 4.75% in its latest decision. The deposit facility rate stands at 3.75% and the lending facility rate at 5.5%.
Banking credit growth reached 9.49% year-over-year in March 2026, up from 9.37% in February. This indicates solid domestic credit demand in Indonesia despite the uncertain global backdrop.
For global investors tracking broader market direction, the S&P 500 ETF (SPY) serves as a key sentiment gauge. The NASDAQ 100 ETF (QQQ) is also relevant for measuring global risk appetite.
Indonesian brokerages are recommending selective buys in blue-chip names with defined stop-loss levels. Stocks like ACES, BMRI, BBTN, ASII, and MIDI appeared on multiple analyst pick lists for Thursday.
Analysts suggest a wait-and-see approach remains appropriate given the mixed technical signals. The 7,488 support level is the key threshold investors should watch for directional cues today.
Sources:
- Kompas Money, IHSG Prediksi dan Rekomendasi Saham Hari Ini, 2026.
- Katadata, IHSG Berpotensi Koreksi Simak Rekomendasi Saham, 2026.
