Hey Aniket,
I think it's not a good decision.
It's my veiw.
Actually it depends on your score, rank and preferences.
If you have already took in consideration your rank and made a list of colleges accepting your rank and then gave the preferences accordingly, then no problem selecting all options.
What will be considered is your preference.
But if you have randomly chosen college and gave random preferences, then you may end up in may be not very good college, even if you deserve better.
Counselling is important process don't take it so lightly.
If you were random and confirmed your option form then now there's nothing you can do other than to wait and hope for a good college.
But if you want to do something, wait and see if the college allotted to you in 1st round is good or not. If it's good and you feel like going for it then go for it.
But if it's not good, I recommend you to get clear on your course and college and do some research. You can begin now and make a list of good college accepting your score and in the 2nd round you can fill up your option form again. And hope for the best. All the best.
Hope I helped.

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