There are some improvements on this.At least I was able to produce some animation movements like, IDLE, WALK, PUNCH and KICK etc. I have a set of mugen based individual images.Every mugen sprite image has certain number by which we can identify which category this image belongs to.But it was very difficult to compile all these animation sequences into single one for viewing. Here aseprite helped me really well. The real advantage of this tool is you can view animations.It will load all associated images for a single image.I think this is working if the image name is a MUGEN based number.
With the help of this tool, I was able to create few more animation sequences that can be used in game.With all these ingredients, slowly my game is getting shaped up.I was able to load an enemy fighter with the above animation sequences.
I think I am able to show you some kind of preview down the line.