Combination clipper circuits can clip both positive and negative parts of the waveform.
This circuit consists of a combination of both positive and negative clipper circuits.
Both diodes are connected parallel to load resistor and source so the half cycle which gets clipped depends on which of the diode gets forward biased.
The batteries are so connected that it reverse biases the diodes
The two batteries determine the reference level above or below which the waveform gets clipped
The waveform gets clipped at battery voltage plus minus 0.7v
The input voltage should be greater than both the batteries
For the clipper circuit to function properly, the value of the resistor should be small compared to the load resistance so that entire input appears across load resistance