I flashed the jetson-nano-sd-r32.1-2019-03-18.img to the sd card. Copied the Image and dtb files from path TEGRA_KERNEL_OUT/arch/arm64/boot/Image and TEGRA_KERNEL_OUT/arch/arm64/boot/dtb/ of built kernel to boot directory of sd card. Also copied the kernel modules to lib directory of sd card and tried to boot board using this sdcard.
It started booting process then asked to accept NVIDIA Jetson software EULA, then Select system language, keyboard layout, and time zone and asked to create username, password, and computer name.
After that it started system configuration. Then screen becomes blank for some time and then it goes to boot process and hangs at " [ OK ] Started Update UTMP about System Runlevel Changes ".
I tracked it down to not copying all of the module/firmware files correctly. When I copied the $TEGRA_MODULES_OUT/lib/ to /lib/, the system was not able to find/load all of the needed modules.
Going back, I copied the whole $TEGRA_MODULES_OUT to /, and was able to boot up successfully.