27OCT TO 31OCT 2008

GLOBAL WATCH LIST FOR THE WEEK

The support levels given below are far below the current levels(except in Japanese N225). Markets are expected to build support/troughs above or around those levels. Things are more likely to remain under pressure until the upper outer limits (given below) are breached.

U.S. DOW(8379): In the worst case scenario the outermost support is in the band between 7400-7500. (Upper outer limit is 9306).

U.K. FTSE100(3883): Outermost support in the band between 3300-3400 should hold in the medium term. (Upper outer limit is 4350).

JAPAN N225(7649): Just holding above its crucial support of 7600 is not a positive signal. On a breach of this support, it would be headed towards 6850.(Upper outer limit is 9360).

HONGKONG HANGSENG(12618): should hold the support at 11000 levels in medium term. (Upper outer limit is 14000).

CHINA SHANGHAI(1840): Breach of support at 1800 would drag it lower towards 1600 in medium term. (Upper outer limit is 2000).

INDIA BSE SENSEX(8701): In a worst case scenario, it should find support somewhere between 6000 and 7000. It would be under pressure to make new lows unless 9900 is breached on the upper side.