Jakarta – Indonesian shares saw a focus on a “buy on weakness” strategy Monday, February 23, 2026, as analysts highlighted several stocks for gradual accumulation during price dips, emphasizing the importance of defined support levels and risk limits.
Herditya Wicaksana, Head of Retail Research at MNC Sekuritas, recommended Bumi Resources Minerals (BRMS) for purchase on weakness within the range of 985 to 1,035 rupiah, targeting price levels of 1,120 and 1,225 rupiah, with a stop-loss order placed below 900 rupiah. Wicaksana’s firm also suggested a similar approach for Indocement (INCO) and Nickel Indonesia (NICL).
“INCO is recommended for buy on weakness between 6,425 and 6,775 rupiah, with targets of 7,225 and 7,625 rupiah, and a stop loss below 6,350 rupiah,” Wicaksana stated in his daily report. NICL, he added, should be bought on weakness between 1,100 and 1,170 rupiah, targeting 1,375 and 1,470 rupiah, with a stop loss below 1,040 rupiah.
According to Wicaksana, these three stocks are currently in consolidation or undergoing technical corrections, making accumulation at the nearest support levels advisable, provided safety levels are maintained. This strategy aligns with a broader market trend following recent foreign investment inflows linked to MSCI rebalancing, as noted by Herditya Wicaksana in a report cited by Kontan earlier this month.
Chory Agung Ramdhani, Head of Research Department at BRI Danareksa Sekuritas (BRIDS), and his team also emphasized a phased buying approach during price declines. They recommended Imperial Ceramic Industri (IMPC) for purchase between 2,200 and 2,350 rupiah, with targets of 2,550 to 2,800 rupiah and a stop loss below 2,150 rupiah.
BRIDS also identified Adaro Energy Indonesia (ARCI) and Bukit Makmur Mandiri Utama (VKTR) as potential accumulation candidates. “ARCI is recommended for buy between 1,790 and 1,810 rupiah, with targets of 1,955 and 2,070 rupiah and a stop loss below 1,750 rupiah. VKTR is a buy between 980 and 1,020 rupiah, targeting 1,140 to 1,295 rupiah, with a stop loss below 900 rupiah,” Ramdhani said.
The emphasis on disciplined entry points and risk limits underscores a cautious optimism within the Indonesian stock market, as investors navigate ongoing economic factors. BRMS shares jumped 24.87% on December 12, 2025, according to Liputan6.com, with analyst Herditya Wicaksana attributing the gains to an uptrend and a break above the 1,190 rupiah resistance level, supported by positive MACD and stochastic indicators.
MNC Sekuritas previously recommended BRMS, HRUM, ITMG, and MEDC, projecting the IHSG to strengthen in the short term to between 7,297 and 7,325 points, though acknowledging potential corrections to 7,202-7,234 points, as reported by SWA magazine on February 27, 2024.