Bought 500 shares in spot market and apply for Buyback of 500 shares.

As we have applied for Buyback of 500 shares doesn’t mean that all 500 shares would be
bought back.
Let’s assume that 150, 200, 400 shares are bought back.
Assume the spot price on the date of Buyback is 1954.80
Spot 1943.75
Future 1,954.80
Buyback 2100.00
Spot on Buyback
Date 2000

Buy 500 Shares

Sell futures 500
Apply for Buy back 500
shares

Assume that the spot price on the buyback Date is 2000

Profit from Spot total Profit
Bought back Buyback Profit/loss Profit/loss from Futures Loss
150 23437.50 19687.5 -22600 20525.00
200 31250.00 16875 -22600 25525.00
400 62500.00 5625 -22600 45525.00

Assume that the spot price on the buyback Date is 1800

Bought back Profit from Buyback Spot Profit/loss Profit/loss from Futures total Profit Loss
150 23437.50 -50312.5 77400 50525.00
200 31250.00 -43125 77400 65525.00
400 62500.00 -14375 77400 125525.00

Assume that the spot price on the buyback Date is 2100

Bought back Profit from Buyback Spot Profit/loss Profit/loss from Futures total Profit Loss
150 23437.50 54687.5 -72600 5525.00
200 31250.00 46875 -72600 5525.00
400 62500.00 15625 -72600 5525.00

Assume that the spot price on the buyback Date is 2200

Bought back Profit from Buyback Spot Profit/loss Profit/loss from Futures total Profit Loss
150 23437.50 89687.5 -122600 -9475.00
200 31250.00 76875 -122600 -14475.00
400 62500.00 25625 -122600 -34475.00

At 1800 the profits are greater and anything above than that the profits are decreasing.

The percent of daily price change on an average from January 01 2018 is negative 2.8%. if
we consider the same price change the spot price would be 1888.15875
Bought back Profit from Buyback Spot Profit/loss Profit/loss from Futures total Profit Loss
150 23437.50 -19456.9375 33320.625 37301.19
200 31250.00 -16677.375 33320.625 47893.25
400 62500.00 -5559.125 33320.625 90261.50
That would be our expected profit.