An analysis for the month of November indicated that the Nifty had closed in the green on five occasions with an average return of 1.2 per cent in the last 10 years, JM Financial Institutional Securities said in a report.

The Nifty Mid-cap index, on the other hand, has shown a relatively stronger seasonality, closing in the green on eight occasions with an average return of 2.1 per cent, the report said.

It has managed to outperform the Nifty on seven occasions with an average outperformance of 0.9 per cent, while indices closed in green on seven or more occasions, the report said.

Bank Nifty, Media and Real Estate indices have closed in the green on seven occasions each with an average return of 3.6 per cent, 1 per cent and 2.3 per cent, respectively.

Pharma index has closed in the red on seven occasions with an average negative return of 1.9 per cent.

Indices outperformed Nifty on seven or more occasions Bank Nifty and Real Estate indices have outperformed the Nifty on eight occasions each with an average outperformance of 2.4 per cent and 1.1 per cent. respectively.

Indices underperformed Nifty on seven or more occasions Energy index has underperformed the Nifty on seven occasions with an average underperformance of 0.9 per cent.

Stocks closed in green on eight or more occasions with an average positive return of more than 3 per cent are Tata Communications, State Bank of India, Persistent Systems, Biocon, Havells India, Tech Mahindra and Torrent Pharmaceuticals.

Stocks closed in red on eight or more occasions with an average negative return of more than 3 per cent are Cipla, Coal India and NMDC , the report said.