The Double Top is a bearish reversal pattern and forms after the asset (stock, index etc) hits two consecutive peak levels, with a correction in between that two peak levels (sort of M kind of formation).
From a technical standpoint, nothing has altered last week (ending November 24) as the Nifty was rangebound. Therefore, we continue to hold the belief that the outlook is to buy on dips.
In H2FY24, we will closely watch for volume growth across sectors, which may now be necessary as the scope of margin expansion through cost-cutting may be coming to an end, says Deepak Jasani, Head of Retail Research at HDFC Securities