is there any technology available for creating virtual router like firewall contexts(virtual firewall)
Are you looking for seperate administrative contexts, or something from a segregation of traffic standpoint. VRF's would give you segregation of traffic capabilities (co-location, service providers, overlapping address ranges, etc). Unfortunately, it doesn't allow you to break the administration into seperate contexts like multimode ASA. Let me know if you need me to help you find some links to VRF.
Not sure if you are looking for virtual routers on a router or if you are looking for same type of virtual contexts in a firewall platform. I will answer based on the former.
You may not like the answer, but any JNPR M, T, or MX series routers can support upto 15 logical routers (virtual). However, Cisco IOS (routers) does not support anything like what you are describing. VRF's are it for Cisco routers.
The Nexus 7000 and the lastest versions of the SAN 9000 FC switches (NX-OS) does support a similar concept as JNPR called Virtual Device Contexts (VDC). They can create completely isolated administrative domains. There is a limitation of 4 contexts within a single Nexus switch. The Nexus do support many firewall and security features.