I am trying to fetch bit rate at which the AVPlayer is playing the video stream . I tried with observed bit rate property of AVPlayerItemAccessLogEvent
You are right about observedBitrate. That shows the download speed.
The indicatedBitrate should tell you the advertised bitrate required to play the current stream. I believe that value comes from the HLS master manifest. When playing a stream that does not have multiple bitrate variants, and there's only one bitrate variant available, the value of indicatedBitrate will be -1.
If you are always dealing with streams that have a master manifest, then indicatedBitrate is the best option.
If you are dealing with streams that don't have a master manifest, then one way to estimate the bitrate is to grab the last AVPlayerItemAccessLogEvent entry, and calculate it using:
numberOfBitsTransferred = (numberOfBytesTransferred * 8)
numberOfBitsTransferred / segmentsDownloadedDuration
Empirically speaking, every time the player switches bitrate, it will post a new access log entry. The latest access log entry will contain data about the most recently selected stream.