This paper proposes a stochastic model using the concept of Markov chains for the inter-state transitions of the millisecond order quasi-stable phase synchronized patterns or synchrostates, found in multi-channel Electroencephalogram (EEG) signals. First and second order transition probability matrices are estimated for Markov chain modelling from 100 trials of 128-channel EEG signals during two different face perception tasks. Prediction accuracies with such finite Markov chain models for synchrostate transition are also compared, under a data-partitioning based cross-validation scheme.