Shailender,

Yes you can do this. It is known as custom scheduling. Log into your Adwords account. Click the campaigns tab and click the name of the campaign to be scheduled. Click the settings tab. In the advanced settings section, click schedule: Start date, end date, and ad scheduling.

Next to ad scheduling click edit. A new window will appear where you can set time frames for your ads to run for each day of the week. Then just click save.

Here is also a step by step tutorial from Google on how to do this,

Using custom scheduling - AdWords Help

Hope that helps,

Shawn