Economic growth concerns and weakening rupee can push Indian stock market to historic low in terms of US Dollar and gold
Surinder khanna
May 31, 2012

Indian economy is headed for the worst recession since Indian independence. Indian rupee is collapsing against dollar. Unemployment among educated middle class youth is skyrocketing. Poor Indians are finding it tough to put food on the table.

The rich Indian and their symbolic India Inc. is still careless. Indian Government specially finance minister Pranab Mukherjee is in a state of denial. He says t6he worst is over. The economic and fiscal indicators suggest the bad time has just started.

The economic growth concerns amid a weakening rupee on the domestic front are likely to cast a shadow on how Indian stock market behave in the next several months and years.

Nifty may seek support around 4,900-4,885, while it can face resistance around 4,950-4,965, analysts say. At 705 Indian Standard Time, the SGX Nifty was trading at 4,887 – down 0.7%.

Some analysts predict Indian stock market is headed for a massive fall in terms of gold and US Dollar. The fall can be so deep because of the fall in intrinsic value of the market and that of rupee, that the market can reach the low of 1991.

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