Hey Raj,
If you are worried about how your monitor displays your Pshop images.....here's a simple thing you can do, short of buying a monitor calibrator device. This is based on using the numbers Pshop displays in the "Info" box. It's called the "step wedge" test.
Make a "new" document that will fill most of your screen. It doesn't matter what rez or size in fact, just so that it covers your display. Now what you want to do is create a strip of grey blocks that go from 100% black to 100% white (zero to 255 in pshop) in 10% increments. Use your marquee tool and fill. Here's the MOST IMPORTANT part, use the greys from the the color picker. If you look at the 50% grey block it will read 147 for RB&B. All of the blocks will display the same value for RGB.......hence it is a neutral grey....they key to this test.
Once you've created this image, see if it has a color cast to your eyes. If it does...then tweak the monitor. The values of grey in Pshop are true, if they look funny, then it is the monitor.
After you get the color then look at contrast/brightness. Are the low values well separated? If not, try playing with the monitor contrast. If you have to radically adjust contrast/brightness you may need to tweak color again.
From what I've seen, most consumer monitors tend to be way too contrasty and a bit blue.
Remember....the numbers in "Info" are you best friend when if comes to color. Now most of us don't know the number for a specific red, but if you find an area in the image that should be neutral grey, then the RGB numbers should all be pretty close. BTW, don't work in CYMK or greyscale....stay w/ RGB.
Hope this helps.
If you're totally confused, PM me.
regards,
joe