Nitrates at that level and calcium at that level will not cause bleaching in montipora IME. They are a fairly easy species to keep and lighting is not a huge concern. That said, however, you do need to still have good lighting. Since it is bleaching from the bottom up, I would hazard a guess that the problem is that the bottom is not getting enough light and that is what is causing the bleaching. I have several species of montipora in my tank and I don't have especially strong lighting, but I do have 6x96W PCs over it. It's not MH, but the montipora does well under it. IME over the years with sps (and I don't have a ton of it) the bleaching from the bottom is a sign of weak or insufficient lighting, so I would check your bulbs out. There's also the possibility which has been raised that you simply may not have enough light.