India should be supporting the King, whether or not he represents the masses. It is sheer its national interests that we must oppose the rise of Maoists in Nepal. In supporting King Gyanendra, India also happens to be siding with USA which is ok. I shall explain it why.
One,whether Maoists can be believed or not, but they will,in all likelyhood, side with China than India. with Mao ze Tung on all its eastern borders, it shall bring immense pressure on India to compromise on many places in the border dispute. This also gives access to China right upto Gorakhpur and east UP Bihar districts.
Two,Nepal's dependence on india shall decrease and India shall lose its political bargaining power with Nepal as the new routes through China become availabe to Nepal.
Three,there is a clear shift in US policy to see India rise as a mini-super-power and it is upto India to act like one.The US policy so far has been to oppose India through Pakistan who was happy to do their bidding. If US and India take the similar (not necessarily same), US will have no point in opposing India. This shall render Pakistan irrelevant in the new geopolitics scene.