Is it possible to set up electrum server for other alternative currencies Here i am asking this question for knowing that the electrum wallet can support other currencies like peercoin novacoin etc. 

If you know something about this then please revert me and also please give any reference for how to do that .. 

Thanks in advance..
In theory, sure. All of these coins are just code at the end of the day, and the electrum server could be modified to handle whatever currencies they wanted to.

In practice however, adding additional coin support to a server is a big deal, and unless you are trying to solve a problem to which there is no other good solution, probably not worth the effort.