Rotary encoder sensor
Is there a way to get readings from rotary encoder without micro controller?


Yes

BUT, the encoder DOES NOT COUNT it only provides arc position counts. For example the optical type encoder you show might produce anything from 128 to 1000 pulses per revolution on two channels (A and B).

Assuming you want an up/down counter that tracks the angular change pulses in the encoder (and you show an optical encoder), all you need are TTL or CMOS counters.

You need logic to perform:


Pulse production derived from the leading edge of the sensor output channels. The encoder signals are a quadrature output where the phase relationship tells you the direction.
Something like this:


 

This circuit can do x1, and x4 (I leave you to discover what this means for quadrature encoders) and produces a clock and Up/Down signal to drive a counter chain of however many digits you need. This schematic does have an error (from the comments) and is onoly shown as an example of what might be done. The newer device (LS7184) does x1, x2 and x4, but is pin compatible to this older chip design. 


A counter chain to hold your required count resolution. Search for counters using the 74LS192BCD counter to see examples. You would need one counter chip per digit of resolution required.
A BCD to 7 segment LED driver and the associated LED digits. Search for 74LS47 BCD decoders for examples of a display digit. You'd need one chip and  one 7 segment common anode LED display digit. 


It's a lot of work!!!

I'd suggest that you gain/learn absolutely nothing by building a solution like this.   

Your time would be much better spent using a small MCU such as the ATTiny85 or an Arduino Nano (ATMega328) to do the encoder interface and the up down counting. You can get either of these for under $3 online.    

you can also buy an 8 digit display module based on the MAX7219 that provides the display driving and 7 segment LED modules for under $2. This is a serial display and does not do counting (that is done in the MCU).   

The skills you gain implementing this sort of solution with an MCU will definitely help you in the future. Learn to code!!