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Is is possible to generate the private key based on private key, means suppose if i am having one set as bellow :

privatekey : '02XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXacdefd'
publickey  : '032XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX'
Address    : 'MnasXXXXXXXXXXXXXXXXXXXXXXXXXXXX'

suppose we consider for example above is one wallet now i want to create sub wallet of it then is possible something

privatekey : '02XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXacdefe'
publickey  : '032XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX'
Address    : 'MnasXXXXXXXXXXXXXXXXXXXXXXXXXXXX'

just change last digit of private key like 'd' to 'e' and we consider that one is sub wallet.

Is it possible with bitcore library.? or it the correct way to do..?

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I think BIP-32 "Hierarchical Deterministic Wallets" (https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki) is usefull for you.

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