Manishi Raychaudhri, Strategist and Head of Research, BNP Paribas Securities says that Indian markets could head significantly lower from current levels as FII sentiment towards India is still negative, while policy failure is hurting investors sentiments. On Rupee, he says that it was over valued at 44-45/dollar in the second half of 2011. "Its fair value is around 52-53$," she adds.
