Hello Gayatri,
I've never used images but I already had a similar requirement.
That time I needed to change icons depending on a drop-down value.
I created a field with display type "Icon" and set the "Icon Information > Default Icon". Then, I created Calculation rule for its visibility and the script was something like that:
if($data.dropdown.content > 4)
result = true;
else
result = false;
end
result = result;
So, depending on the value the icon would appear or not.
Just remember that you need to puts your field in a EC to have complete control over them.
Best regards,
Alexandre.