Finally I got it right for the same code given above with a few changes. Without Ajax it can be done..!! Use onClickTopics which does the work before the form is submitted and also without refreshing it :)
JSP
<sj:a
id="approvefileId"
formIds="approvefileform"
button="true"
targets="formResult"
onClickTopics="beforeApprove">
Approve
</sj:a>
JQUERY
$.subscribe('beforeApprove', function(event,data) { //before form submit on click functionality
$('#actionApproveRejectId').val("Approve"); //to set the hidden variable
});
Its Working Perfect!!!!!!