Today the minimum time period of hedging or trading that you can do is a 1-month option. What if you want to a trade shorter time frame? That facility is provided by weekly options where you can take positions for 1-5 days. This is a good measure for very short term traders in the market, since the premium cost for traders is also much lower. You can now get players to buy and sell the options more willingly. Also, weekly options are more sensitive to short term data flows like macro announcements. Trading in the market is all about responding to economic data flows with speed. There are key data points each week like CPI data, WPI data, IIP data and trade data, all of which can have implications for banking stocks. Weekly options enable you to time the expiry around the actual event or the data announcement. This enables you to play the euphoria / disappointment surround the even more effectively and at a lower cost.