Hi @sfaiz
As you shared your project with me, I copied it and made a simple simulation, to show you how it should be setup:
Discontinuity Analysis by ggiraldo | SimScale
Here you can see a picture of the region of interest:
I have to say that this simulation is very simple and not satisfactory. I think you should focus on the discontinuity region and make an axy-symmetrical model. Also mesh should be much finer.