Pre-market: Downward pressure seen

After dangling around the 5,000-mark for the last two days. The Nifty is likely to give away that physchological level today. Global cues are negative, and fears of a rate hike owing to higher inflation ahead of the weekend could weigh on the market sentiment.

The pivot point for Nifty today will be 5,020, as long as the index stays below the bears are likely to have the upper hand. The 50-day moving average is around 5,000, which has provided support for the index for the last two days. A break of 5,000-mark could see the index drop to 4,862 - 100-day moving average.

The Sensex today is likely to face resistance around 16,950-16,990, on the downside the index is likely to find support around 16,835-16,800. The lower end target for the index remains at 16,200.