How to decide the LDR 's (Photocell) external resistance ?

For best accuracy the resistor should match the resistance of the sensor, near the middle of the sensor's "most useful" resistance range. However, the resistance of LDRs varies so much as a function of light levels that it can be almost impossible to choose a best value for the resistor. As wildbill suggests, pick a value that gives a good signal over the expected range of light levels, and you are finished.