How can I run Android emulator for Intel x86 Atom without hardware acceleration on Windows 8 for API 21 and 19?

In current AVD manager you can’t. You just have the opportunity to use ARM images which will not need hardware virtualization.

To run ARM images:

1. Open AVD manager.
2. Create a new ‘Virtual Device’ OR right click an existing image and select ‘Duplicate’
3. Choose arm* instead of x86/x64.
4. Continue with the wizard.
5. Run!

Although this is the available solution but still a slow one !!