The Dow below 7000.

Below 7000, the DOW is trading at a 10 year low. That’s not good news. This bear market has been vicious and unkind. It is not going to go away in a hurry. The world is changing, moving away from a pure capitalistic form to a new unknown model . While this change will certainly benefit mankind, in the short run the turmoil can continue to hurt markets.
The best case scenario is for stocks to begin a process of consolidation. The sooner the better!

NIFTY
Breaking below the narrow trading range, the Index signals there is more downside. There are minor support levels at 2635 and 2500. These levels may or may not hold. Below 2500, we have the possibility of a free fall.
The year 2000 bull market topped out at 1818. A new bull market started in 2003 which saw its first high at 2014 in January 2004 before seeing a sharp correction later in May. Previous highs become important support. Therefore, we can say that the 1800 – 2000 zone can be the area in which this bear market may end. Maybe.
February 09 saw the Nifty trade in a narrow range with the monthly range enclosed within the January range. Thus, feb saw an inside bar. Today, the first trading day in March has seen the inside bar break down, moving below the feb as well as the January lows. This does suggest that the consolidation in feb was a period of rest before another bear move starts.
All the usual caveats. This analysis is based on my perception of the charts. I do go wrong, often.