Nifty in a well defined range & The Bear Story

From Ft.com :

The S&P at 400 is almost inevitable
Albert Edwards, perma bear says:
“Jeremy Grantham of GMO says this is “no market for young men”. Maybe now I am over 50 it is my time! Yet my forecast of the S&P bottoming at 400 is still met with utter derision. I have been underweight global equities since the end of 1996 and overweight government bonds. Meanwhile US 10y bond yields have fallen from 7% to 1¾%, a hair’s breadth from our longstanding 1½% target. Similarly, in my very humble opinion, S&P at 400 is almost inevitable.”

The Bear Story

A Trading range in the Nifty is visible, well defined, offers opportunities for significant trading gains when it breaks out of the range.
Broadly, resistance line is around 5200, support around 4700 and the range has become fairly wide, almost two months.
Chart below: