GAIL came out with results on 27th May during market hours and this is how the stock moved after the results were announced.
GAIL - 5 min intraday chart
GAIL - This is how it looks like on daily chart as of now, 141.85 was a previous pullback low where the stock had halted last time but it had the cushion of buyback. Talking about buyback lets see when the stock had topped out recently in the next chart.
GAIL was trading around to its previous highs just around the closing of the buyback and during the week when the buyback ended, it started to fall, which at first looked more of a technical adjustment as people who would have bought only for the buyback must be looking to hedge their positions also the market price itself was very close to the buyback levels.
What next ?
Stock seems to be around the previous pullback low of 141.85 but given how the recent action has been, I am expecting it to dip further towards the range low 124-117 range. Its going to be a sell on rise stock for me with upper resistance level expected to be around 157.
Disclaimer :- On lookout for short trade, no open position currently.