Hello Amit,
not sure I fully understand your question.
However, Resolution is already part of most OOTB work item types, present in headers:


When adding this presentation to a custom type, you'll get the resolution displayed in the header:


Hope it helps.
Eric.

some thoughts here on how actually resolution actions are used/helpful:

a resolved (assuming a state from OSLC Closed group) workitem can further be associated additional information on the kind of resolution. 

Example:
Consider a Defect marked as Resolved.
In this case, its not clear as to how it was resolved. 
Resolutions can help identify this to finer grain.

Say Resolved, Won't Fix
or Resolved, Fixed
or Resolved, marked duplicate

so having this fine grained information will give you the insight into kind of resolution.