GopinadhGvs,
Yes. Use "Hide Components in View". (Command finder)
(Exploded views should always be created after saving the canned NX view to a user specified view name that indicates that the intent of the view is to host the explosion.) This will allow the selection of components to be hidden in the current work view (i.e. the custom view displaying the explosion).
Using a multi-view layout ("View, Layout, Open, L2 - Side by Side") (replace view in layout to insert the custom view for the explosion) makes it easier to perform the selection for the "Show/Hide Components in View". One view can be the "all components view" (for the component selection) and the other view can display the explosion and be the work view where the show / hide is applied.
HTH,
Joe