Below is the graph which I received after the performance test execution. I am confused about the fluctuated response time graph. NOTE: 1) Throughput graph is also fluctuating. 2) I did not receive any error during test.
It normally indicates that either application under test or JMeter engine is overloaded hence it cannot handle/produce stable load pattern.
Your response time is around 1.5 minutes which seems little bit high to me so I would suggest that you need to monitor the application under test and check:
Single chart never tells the full story, you need to correlate information from all the possible sources, collect log files, etc.