UPDATE - Please look at my answer for a link and explanation of the solution to this problem
Before we start, I know this is a very common quest
I was pulling my hair out on this for several hours on a recent project that I moved from MVC 3 to MVC 4. With the lack of on point answers I figured it had to be something I did as it appears that the Ninject.MVC3 nuget package will work fine with MVC 4 - and indeed it does.
In my case I wasn't fully upgrading the MVC3 project. After following this guide I got things to work as expected. My guess was that I was missing an assembly binding redirect.
So if you're upgrading an MVC 3 project to MVC 4, using Ninject and getting the no parameterless constructor defined error, hope this helps.