Have a look at the long term chart of Nifty. In last seven and half years of time, Nifty gave 3 big breakouts followed by reasonable correction in the second breakout. First breakout did not lead to any correction at all. Let us see what happens duding the present breakout. Breakout is a significant parameter in chart study. It says that traders and investors are confident in paying a price at the present rate with the perception that price of a stock will go up or down from that level in a significant manner.