Hi Ambika,
From what i understood you would like to create Audience based on cookie value.
You could also use visitor profile to do this.
https://marketing.adobe.com/resources/help/en_US/target/target/c_visitor_profile.html
"Visitor profile parameters are passed via the mbox (profile). You can target either new or returning visitors, or include all users.
New Visitor
Returning Visitor
In Other Tests
Not In Other Tests
First Page of Session
Not First Page of Session
Category Affinity
When a site visitor logs in mid-session and gets a 3rdpartyId, all previously-loaded profile attributes tied to the 3rdPartyId are immediately available.
You can target custom profile parameters and user. parameters. Choose the parameter you use want to use to target your activity. If the desired parameter does not appear, the parameter has not been fired by an mbox."
Hope this helps.