[aashima]

Well choosing a Project depends on the subject you're good at and comfortable dealing with.
As of hardware, better try out Embedded System applications with Micro-controllers, or Micro-processors if you can handle and make that sure you go through all the steps from a scratch i.e. right from PCB designing to the code burning process. It'll be of great help for your recruitment process as well as while in company.
For software, try your creativity in JAVA or DOT NET fields, they are a basic requirements of companies today, but only if you aspire to be a software technician!