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Is it possible to load two project in one debug mode to simulate Boot loader and Application simulation
Maybe because these are not really instructions, but data?! Did you read the user manual of the Cortex architecture?
Your own words:
/* Load program counter with application reset vector address, located at second word of application area. */
Now you need to make a little lead of faith...
"Leap of faith"
See also: http://www.keil.com/forum/19073