New Delhi, Sep 28 : An analysis for the month of October indicates that the Nifty has shown relatively the strongest seasonality, according to a report by JM Financial Institutional Securities. In the last 10 years, the index has closed in the green on nine occasions with an average positive return of 2.9 per cent, highest average return observed in any calendar month, the report said. The Nifty Mid-cap index has also exhibited a strongest seasonality, closing in the green on all ten occasions with an average return of 3.3 per cent. However, it managed to outperform the Nifty only on five occasions with an average outperformance of 0.4 per cent. Indices closed in green on eight or more occasions Bank Nifty and Financials index has closed in the green on all ten occasions with an average return of 6.2 per cent and 5.4 per cent, respectively. Metal, Auto and Energy indices have closed in the green on eight occasions each with an average return of 4.1 per cent, 3.9 per cent and 3.5 per cent, respectively. Indices closed in red on seven or more occasions. FMCG index has closed in the red on seven occasions with an average negative return of 0.4 per cent. Indices outperformed Nifty on seven or more occasions Bank and Financial indices outperformed the most with an average outperformance of 3.3 per cent and 2.5 per cent, respectively. Indices underperformed Nifty on seven or more occasions FMCG and Technology indices underperformed the most with an average underperformance of 3.4 per cent and 2 per cent, respectively, the report said. Stocks closed in green on nine or more occasions with an average positive return of more than 5 per cent are ICICI Bank, SAIL, Manappuram Finance, NMDC, State Bank of India, GMR Airports Infrastructure, Power Finance Corporation, Tata Steel, Ashok Leyland,Petronet LNG and JK Cement. Stocks closed in red on seven or more occasions with an average negative return of more than 1 per cent are Oracle Financial Services Software and Max Financial Services, the report added. (Sanjeev Sharma can be reached atSanjeev.s@ians.in) /IANS