How to create TEMPLATES for TAXONOMIES? What I have to change in this code?

I used:

$args = array(
    ...
    'rewrite' => array( 'slug' => 'portfolio-taxonomies' ),
    ...
);

register_taxonomy( 'portfolio_taxonomies', array('portfolio'), $args );

So my URL is predictable.

And you did one thing wrong, URL you are putting is NOT correct. If the rewrite rule is implemented, then they would be:

http://localhost/wp-test/portfolio-taxonomies/taxtemp1/
http://localhost/wp-test/portfolio-taxonomies/taxtemp2/

To grab the correct URL, get into:

/wp-admin/edit-tags.php?taxonomy=portfolio_taxonomies&post_type=portfolio

And hover on each Taxonomy term and click on the “View” link to trigger its respective URL. If the template is till not triggering, then we have to think further.