I want to ask whether there is a limit on the number of gigs i can post on my profile or not?
Yes, there is a limit. It depends on your level. If you read TOS at the bottom of the Fiverr main page you will find the answer to how many gigs each level can make.
As a new seller you can have upto 7 gigs. Max 10 for level 1 & 20 for level 2 & 30 for top rated sellers.