Please help me out of this. I have a very simple scenario which is

1 windows machine which Im using as host
with the ip address of 192.168.1.121
gateway:192.168.1.1
Dns:192.168.1.1

my host machine is running on (linux) with NAT enable mode
its ifcfg-eth0 file reads as follows:
Ip address: 192.168.1.50
Gateway:192.168.1.1
Dns: 192.168.1.1

That's it i haven't changed anything in "manage virtual networks".
The same goes for the two default virtual interface (vmnet0) and
(vmnet8).

I need to know that along with the missing pieces how could i go about
using NATTING for my guest machine. As i'm still not being able to ping
the internet?

Thanks

It looks like you are using the same subnet for your real network and your virtual network...you would need to change one of them.

Both say "host" machine. Which one is host and which is guest?

Is there a reason you want to use NAT instead of Bridging?