"David, are you inclined to add to your India holdings at this stage? Could the support at 16,000 be relevant?"

David Fuller's view I could justify nibbling because India has experienced a significant pullback since its November 2010 high. It certainly remains a favourite of mine for the very long term. For the Sensex (monthly, weekly & daily) 16,000 is certainly a support level but we will not have confirmation that it will hold until the progression of lower rally highs is broken.

With a volatile market such as India it is tactically best to buy on weakness and to lighten when it looks too good to be sustainable. I may not add to my own position in India because it is already a big overweight in my investment portfolio, largely due to its outstanding performance since I bought most of my holding in 2Q 2003. If I were to buy more India via an investment trust my choice would be Aberdeen's New India Investment Trust (NII LN) (monthly, weekly & daily), managed by Hugh Young. It currently sells at a 10% discount to NAV, as does JII, mentioned in Email (1) above. However there can be a liquidity issue with NII as the capitalisation is currently only £135m versus JII's £446m.