The 200 day moving average (DMA) provides the resistance or support for Nifty and its crossing above or below level shows the likely direction of market in coming days ahead.
Going forward we have Nifty 200 DMA being placed at 5074 levels and once Nifty start moving above this level with volume, only than we can be sure that bulls have taken control from bears. You must check out Golden Crossover in Nifty to understand its implications in the trend determination of Nifty.
It is also pertinent to watch the the lower band of the March-April 2012 consolidation which stands at 5150 level and is seen as a key supply area in the near term.
The above principle can be applied to any indices say bank nifty or as a matter of fact to any stock to arrive at a logical conclusion.