Hi Ankit,
I am a bit confused regarding your requirement.
1. Autocomplete textbox means it starts fetching and displaying data as and when User starts typing characters in the textbox (e.g. Google search field) . This is also referred some times as "Progressive Search"
2. Automatically update of textfield value ( preloaded from existing value) and would want to update is automatically as and when database is updated.
Anyways, for both of the requirement you need to add AJAX capabilities within your web application based on web technology stack you are using at present.
There are readily available rich java script libraries available which you can integrate with your web application and easily achieve the desired behavior.
Regards,
Ritesh