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If I insert the HSMC cards(connectors) that is attached here in the HSMC slot the loopback operation should work properly right???
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Yes, they will implement a loopback of the TX-to-RX signals.
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Apart from assigning the TXDATA & RXDATA pin locations that are available on the HSMC connectors any other signals should be
assigned while doing pin assignment. I only assigned the TXDATA & RXDATA pin locations thats it....
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Make sure to set the unused pins option to 'as input tri-state' or 'as input with weak-pull-ups enabled' (I think one of these is the default for newer devices) and you'll be fine.
Cheers,
Dave