Mr. Suchet Suktae, Deputy Managing Director of ASL Securities, stated on the ‘Kaohoon’ program on April 20, 2026, that the Thai stock market currently has a significant support level around 1,470 points, with a potential downside to test the 1,450-point level if it weakens further.
On the upside, short-term resistance is estimated at 1,486–1,490 points, while 1,500 points is the critical resistance level that the market needs to sustain in order to generate a positive recovery signal going forward.
Investor sentiment remains pressured by external factors, particularly the ongoing tensions in the Middle East involving the United States and Iran, which continue to cast uncertainty over the direction of global risk assets, despite some Asian equity markets moving into positive territory.
Domestically, the brokerage advised close monitoring of the outcomes from the Cabinet meeting, which could potentially offer short-term rebound opportunities for the market, though it remains insufficient at this stage to drive a steady upward trend.
Mr. Suchet added that the current market condition is characterized more by sideways movement and attempts at a technical rebound, rather than a strong upward rally. This is attributed to continued selling pressure from both foreign and domestic institutional investors, indicating that overall market confidence has yet to fully recover.
Therefore, if the SET Index fails to sustain a clear break above the 1,500-point level, downside risks remain for the market to retest lower support levels.
From a technical perspective, Mr. Suchet highlighted several stocks of interest. PTT Oil and Retail Business (OR) has support at THB 12 and resistance at THB 13.00–13.50. AEON Thana Sinsap (Thailand) (AEONTS) has support at THB 91 and resistance at THB 95–97.
Amata Corporation (AMATA) has support around THB 20 and resistance between THB 21–22. SCG Packaging (SCGP) has support at THB 21 and resistance at THB 22, while Praram 9 Hospital (PR9) offers support at THB 16.00–16.50 and resistance at THB 17–18, according to the brokerage.
In addition, Mr. Suchet identified shares in the banking sector as notable, specifically Kasikornbank (KBANK) and Bangkok Bank (BBL). These stocks are anticipated to benefit from buying interest driven by dividend payments and play a supportive role in buffering the SET Index amidst continued market pressures from external risks and selling across large-cap stocks.
Nonetheless, Mr. Suchet recommends investors exercise caution regarding investment in certain energy and petroleum stocks, in light of ongoing volatility in global crude oil prices and the inability to break through key resistance levels.
For medium- to long-term investment strategies, gradual accumulation is noted, with a prudent approach towards increasing investment weights until there is greater clarity on both domestic and global risk factors.
