Active sun is characterized by compelling short-lived flash of solar eruption like solar flare, coronal mass ejections (CMEs), high-speed solar winds and solar energetic particles along with colossal release of energy and mass. This paper proposes a new method to evaluate solar wind parameters and geomagnetic indices based on wavelet analysis during the solar flares. The crucial role of IMF-Bz (interplanetary magnetic field) is examined for the two solar flares events. The key result obtained from our study is substantial dependence of solar flare intensity on IMF-Bz together with solar wind velocity. We also observed the duration of solar flares and their effect on ionospheric and ground based parameters.