can anyone describe,what is the Binding and wiring in CAF ??

Binding attribute is used to bind your component to a bean property.
What binding is good for is when you have a need to dynamically modify the UI component object tree at a very low level, since the bound method is passed the control's UIComponent object as a parameter.

Wiring helps you to wire the Managed Beans to Pages.. i.e., to share the properties across the applilcation

Hope this helps...!