Thanks for taking time in helping me out. As OtheHill says, the card is an external device and i guess it has nothing to do with the Monitor settings.
The monitor i have is a Acer 20'' with a response time of 5 ms with 20000:1 display and 1600X900 resolution.
I checked with a few local vendors and all of them told me that the card does not support an LCD monitor. So i ended up buying a new card, which is now working perfectly with my LCD monitor.
Anyways, Thank you very much for your valuable suggestions.