I have been waitlisted for NM MBA core program at 1948 what is the chance of conversion. I have been selected for MBA HR is it worth the value

HR and Core are completely different tracks, and will hone different skillsets, the options of a career are different. You have to know which one you want because if you go to a wrong track you'll be wasting two years and be in massive financial debt, facing a career you have to choose despite not having any interest in it. HR isn't something you get into just because you couldn't get into core

It's unlikely to get in for core mba as already many buffer calls are given, so the waitlist won't move.