Hi Praveen,
Some more observations...as i am writing quickly, they may be haphazard...
break outs simply based on price patterns are far more unreliable than breakout detected by volatiliy contraction and other evidence, and again the correlation with my post above to have a system.
breakouts in non-FNO stocks in india are much more reliable as with FNO available, large guys can quickly move in for leveraged counter trend action, and since it is not cash settled, can really hammer the stock.
Finally, my greatest observation is that look at different time frame and overall market. In longer timeframe, what sems as a breakout in your time frame, may just be a blip or a congestion. similarly in a shorter time frame like hourly chart, it may just be a sudden range expansion (climax like), whereyou can be sure that counter punchers are getting ready.
and look at overall mkts and sector...if fmcg as a whole is strong, then break outs in itc and hll may be far more valid. similarly if the overall mkt is in a strong trend, breakouts in the direction of the trend may hold more weight.
Just novice observations...hopw saint, cv, amitbe, ajay and others will help in fine tuning them
regards