Dinesh Thakkar, chairman and managing director at Angel Broking says that more than liquidity, inflation is matter of concern for the markets and hence, the downside for the markets is likely to be limited despite concerns over General Anti-Avoidance Rule (GAAR). "GAAR will have its impact but we still don't expect the Nifty to go below 5,000. In fact, markets may hit all-time highs in FY-13." he said.