@timepass , Thanks again for the suggestion.
Will check Bank Nifty , My overall idea is to get .25 % per day of the capital employed.
For a Rs.100 premium Nifty Option (ATM) getting 50 paise is sufficient , .25 for total transaction charges , .25 for profit. With even a delta of .50 - a ATM option will move .50 for 1 point move in NIFTY. Hence 1 point in NIFTY is enough.
What I was intending is to use some observation to find that the market may not just spike up or down and will remain somewhat stable for the nest few minutes , In this phase quietly and quicky enter and exit the trade. Once a day is also enough.