I recently bought a website and took the WordPress hosting plan. Now I like to move for Joomla application. Is it possible?
We can't answer this with certainty. You will have to discuss this with your host.
Generally a WP hosting plan includes installation of WP and some sort of management. It is unlikely you will be able to install Joomla on this plan, but each host is different.
More likely is you will have to get a different hosting plan, perhaps your hosting service will be understanding and transfer what you have already paid.
WordPress and Joomla are both PHP based content management systems with similar requirements:
It's likely Joomla will run fine on a "WordPress" hosting plan and vice versa but it's probably best to check with your hosting company who are best qualified to advise you on how their hosting plans are set up.