"To resolve this issue I was wondering if I can use the specified port forwarding facility of the virtual machine for NAT network."
You don't need port forwarding from the client end. That's only needed if to offer a local service behind your firewall to the outside world.
If you can surf the web from your VM client - NAT is working - which means you have a different problem.
Follow ppolymorphe's advice for troubleshooting.
Note: it *is* possible to limit the range of local port numbers - but that won't solve your real problem.
https://support.microsoft.com/en-us/kb/929851[
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