Add Folder to Finder Favorites using Terminal I'm not sure whether this is actually possible or not but I'm trying to add a newly created folder into the favorites section of the Finder window. 

If it is possible how can I achieve this? I have googled for this but couldn't find anything concrete. Any help will be greatly appreciated.
The information about what appears in the Favorites section of the finder windows is kept in the configuration file:

/home/&lt;your_user_name_here&gt;/Library/Preferences/com.apple.sidebarlists.plist

there is an explanation of the file's contents here:
https://georgegarside.com/blog/macos/finder-sidebar-preferences-location/

and macOS includes a tool to manipulate the plists from terminal:
/usr/libexec/PlistBuddy

You can find an introduction to the tool here:
http://fgimian.github.io/blog/2015/06/27/a-simple-plistbuddy-tutorial/

and a sample discussion about using it here:
https://groups.google.com/forum/#!topic/macenterprise/Ks-zHlY3h5I

However, if you don't want to figure out everything by yourself you can use an utility published on github that manages the sidebar contents from the terminal line:

https://github.com/mosen/mysides

OTH