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There are some who believe that certain days offer systematically better returns than others, but over the long run, there is very little evidence for such a market-wide effect. Behavioral finance is the paradigm where financial markets are studied using models. Calendar anomalies weekend effect, day of the week effect, Month effect in the stock market has been widely elucidated in finance literature. In a decision-making process, a relational financial decision-maker must take into account not only returns. but also the variance and volatility of returns.