Hello dheeru,
I'm not sure what you exactly mean by "Standalone application/target" in this context. You might mean the target which programs and executes the application from flash instead of RAM. In this case I'd recommend you to create a new project using Project Wizard which creates also "Internal_Flash" target by default (this may depend on CW version you are using). This target includes all necessary settings and files e.g. linker command file, linker settings (generate ROM image), debugger configuration, RCHW.... etc.
Could you describe your problem more in detail in case I missed the point?
Regards
Stanish