Two areas marked in the chart:

1. 50 Week MA, (although the week is not over), 5540-5555 zone is to be watched for resistance

2. Stoch has given a bullish crossover on weekly charts

Nifty Weekly Chart

Nifty weekly Chart, range boundedness prevails (Click image to enlarge)

The gap marked in the chart being filled.
It can take a support on 50% retracement of recent high and low.
But it might not stay there after taking a support as no good trigger, for upmove, seems to be coming.
5472 zone can act as a support.

Bank Nifty spot chart, 12000 zone seems to be a resistance, lets see how it performs after RBI meet on 3rd May'2011.

The daily chart is also in a range which is getting narrower. With the RBI meet scheduled for tomo, i.e. on 3rd May'2011, we will get a clear picture as to where we are heading. Also posting Bank Nifty chart.

Nifty Weekly chart seems to be range bound. The current range being near 5550 zone on the lower side and 5880 zone on the upper side.

As seen its a classic case of divergence. One can short at higher levels with a stop just above the trend line. As it is we are heading into may and there is this famous quote about May - "Sell in May and go away".