I got the solution. It will be useful for someone else in the future.
I have created hidden listview which contains only itemtempalte with blank span inside it. And assign class to span to differentiate each span and created custom attributes which is having desired output. e.g
<itemtemplate>
<span id="residualMapping" class="<%# string.Format("ABC_{0}_{1}",Eval("firstdropdownValue"),<br mode="hold" />Eval("seconddropdownValue")) %>" output="<%# Eval("output") %>"> </span></itemtemplate>
And assign classes to each dropdown and label. And finaly i have handled each drodown change event. In this event i am getting selected value of both dropdowns and using this value i am catching span and from span i am getting its custom attribute value. And this value i am assigning to the output label.