before that the company decides to buy back shares worth 9000 cr .
A normal conclusion: The company knows that the results are going to be good and then the price will appreciate and they would benefit from the buy back
But SEBI denies them for a buy back "Since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements"
Then why is company going for a buy back.
my answer. to create a exit opportunity for the big players.
The previous price trend suggests a downward continuation pattern and the price as also close below a gap up price on daily time frame.
the results might not be very good.