MNC Sekuritas projects that the Composite Stock Price Index (IHSG) still has room to extend its short-term upward momentum in Monday’s trading session (21 June 2026). In its research note, the firm’s analysts stated that the index edged up 0.08% to 6,177 at the end of last week, bringing weekly gains to a total of 2.82%. “At present, IHSG is estimated to be in wave [iv] of wave 3 of wave (C), which still allows for further upside toward the 6,328—6,545 range,” MNC Sekuritas wrote in its report on Sunday (21 June 2026). However, investors are advised to remain alert to a potential short-term correction in the 6,127—6,161 area if profit-taking pressures emerge.

From a technical perspective, MNC Sekuritas sets key support levels at 5,784 and 5,594. Meanwhile, immediate resistance is projected in the 6,286 to 6,459 range. For the next trading session, the firm recommends several stocks under a buy-on-weakness strategy, including PT Bukit Uluwatu Villa Tbk. (BUVA), PT Merdeka Gold Resources Tbk. (EMAS), and PT ESSA Industries Indonesia Tbk. (ESSA). Additionally, PT Gudang Garam Tbk. (GGRM) is also on the radar with a trading buy recommendation following a surge in trading volume.

On the other hand, Indonesia’s capital market is showing early signs of recovery after experiencing its sharpest sell-off in 18 years since the 2008 global financial crisis. Analyst Axel Azriel from PT Indo Premier Sekuritas noted that the IHSG rebounded 16.4% over the past week after previously falling as much as 38.2% year-to-date. The earlier decline was even deeper than the 37% drop during the Covid-19 pandemic, marking one of the steepest market corrections in nearly two decades.

Nevertheless, Indo Premier Sekuritas cautions that this short-term rebound is not yet fully sustainable, as fiscal management remains under tight pressure. “This is merely a temporary rebound, not a definitive cure. We believe the current fiscal deficit target of 2.7% leaves no room for policy mistakes,” Axel said in his latest research.

Disclaimer: this article is not intended as a recommendation to buy or sell stocks. Investment decisions are entirely the responsibility of the reader. The publisher is not liable for any gains or losses resulting from investment choices.