Assessing Post-Listing Stock Performance of Selected Indian IPO Companies Using Integrated Technical Analysis: An Empirical Study

Abstract

The increasing number of Initial Public Offerings (IPOs) and growing participation of retail investors in the Indian capital market have intensified the need to evaluate the post-listing performance of IPO stocks. Although previous studies have primarily focused on IPO pricing, under-pricing, and listing-day returns, limited empirical research has examined post-listing performance using an integrated technical analysis approach. Accordingly, the present study evaluates the post-listing stock performance of selected Indian IPO companies using multiple technical indicators. The study adopts a descriptive and analytical research design based on secondary data. Five IPO companies listed between 2018 and 2024 were selected through purposive sampling, and their stock performance was analysed over a common observation period from 1 April 2024 to 31 March 2025. Daily historical stock price data were collected from the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Yahoo Finance, Trading View, and Moneycontrol. The analysis employed 20-day and 50-day Simple Moving Averages (SMA), the 14-day Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD 12,26,9), and candlestick chart pattern analysis to evaluate market trends, momentum, and trading signals. The findings reveal that the integrated application of SMA, RSI, MACD, and candlestick chart patterns provides a more comprehensive assessment of post-listing stock performance than the use of any single technical indicator. IRCTC exhibited the strongest bullish trend, SBI Cards showed moderate positive momentum, LIC demonstrated largely sideways movement, whereas Nykaa and Paytm remained under sustained bearish pressure. The study concludes that integrated technical analysis serves as a practical decision-support framework for evaluating IPO stocks in the secondary market and offers useful implications for investors, traders, portfolio managers, financial analysts, and researchers.