Looking for the relevant physics that can be implemented in J2ME. or links to some good articles on web.
I'm not totally clear what you're asking... is it the mathematics you're looking for, or help with the actual programming?
Is this is a 2D or 3D game (I'm unfamiliar with J2ME, so I don't know what it supports; I'm guessing it's 2D only)?
How do the bullets move, on an (x,y) coordinate system, or in an (x,y,z) system projected down into two dimensions on the screen? What is the viewing angle like?
These are all decisions which you need to make before looking at the dynamics of the problem... After that, if it's the mathematics you're unfamiliar with, you would need to decide on the approximations you're prepared to make. Given it's a small device, I would suggest a search for "kinematics" would turn up several articals which would approximate the motion of the bullet readily enough (of course, if the bullet is travelling very fast horizontally, and the target is quite close, gravitational effects are minimal and you might as well model it as a straight line trajectory).
If you want to make the model more realistic, you would need to factor in air resistance, but then you've got a differential equation on your hands to solve (which can be done analytically for some resistance types, but requires a numerical approximation for others). This is probably unnecessary for your requirements.
So can you be more specific about your requirements, how the game works and what level of accuracy you'll settle for?
Charles Lyons (SCJP 1.4, April 2003; SCJP 5, Dec 2006; SCWCD 1.4b, April 2004)
Author of OCEJWCD Study Companion for Oracle Exam 1Z0-899 (ISBN 0955160340 / AmazonAmazon UK )
There are two good books out there, J2Me Game Programming by Martin J Wells and Physics for Game Programmers by Grant Palmer. Check on http://books.google.com if the classic bullet example is there and (maybe you are very lucky!) those pages are there in the archive...