I just got wait list 192 in the 1st merit list. What are my chances?

The second list is already out. You probably know your answer. If you have reached somewhere around 30-40 in 2nd waiting list and institute decides to publish another list you'll probably get selected. Good luck.

That totally depends upon how many students actually take admission. What is the cut off for the current year? How many lists the Institute decides to display? All these things are specific to batches every year and, you really cannot predict what it is going to be this year. Let's hope for the best