The National Stock Exchange (NSE) on Monday launched weekly options on the NIFTY IT Index.

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The NIFTY IT index options are already available for three monthly expiration cycle.

"Addition of weekly options expiration contract will add flexibility and access to support a variety of trading strategies.

"Participants will be able to hedge more efficiently against market movements resulting from economic data releases, corporate announcements particularly the financial results announcements or market events taking place in specific time frames," the exchange said in a release.