Bhel:  

from the year 2000 bhel started it upward journey and there went to 600 levels n the year 2008 and from there it was started correction. Bigger wave 1 may be completed at 600 and from there bhel may be in wave 2 till now and within wave 2 it has already completed its wave a, wave b and wave also may be completed.So now according to ewt bhel have to start its wave 3 to cross its life time high 600 levels

conclusion:

As explained above bhel has completed its wave 1 and wave 2 and wave 3 has to be start from these levels 

so now bhel can be brought for long term prospective at these level for 3-4 years time view expecting a arget of above 600 and sl must be below 98-90 levels

Tata steel: CMP 332

Tata steel made a low of around 30 on 2001

and then it was started its upward journey 

and that up move got finished at 956 level

on 2008 before the the recession and then 

after it came down till 135 level within 

short time period and after hitting 135 it didn't revisited that level and see the wave 

pattern it seems like some type of correction is going on

According to eloit wave theory it must be some kind of impulse was completed at 956

which may be wave 1 or 3 and from there it

is in correction phase and within correction it may be completed its bigger wave "A"and currently 

in bigger wave B and within this wave B it has already completed small a and b was almost completed or near to complete  now c to come which must have to cross the top of wave a and after that it will fall below the bigger  A to complete bigger wave C

CONCLUSION:   Tata steel completed first impulse at 956 which    must probably wave 1 and  now in  correction and with in  correction  now it have to show above 740 levels to complete its      inner wave    c  as explained above 

 So, now tata steel can be brought at these levels and until 200 levels keeping 135 as stop-loss and can expect a target of above 740 within 3-5 year