New Delhi, Aug. 31 -- The Nifty 50 ended lower for the third consecutive week, with volumes higher than the previous week. Despite the continued decline, the index has managed to hold on to its broader structure, as it continues to trade within a narrow range for the past 11 weeks.

The index slipped below its 10-week moving average and remains below the short-term 20-DMA and 50-DMA, reflecting weakness in the near-term trend. However, the decline was arrested near the 20-week moving average, which is currently placed around 24,036. The index also respected the rising trendline drawn from the April 2 low, providing support to the ongoing consolidation.

A key positive from the current setup is that the Nifty has not breached its previous ...