Harbir,
Sorry you're having brake problem.
If the Elise is anything like the Miata, I'll do it the old fashion way, I'll get a buddy for an extra set of hands and extra bottle of fluid and do the following:
1) compress-hold-brake
2) squirt-tighten-bleeder valve
3) release-brake
4) untighten-bleeder value.
5) repeat 1) - 4)
Be sure to check the brake fluid reservoir and add fluid if need to.
Also, be sure you are bleeding your lines in the correct sequence, from farthest away from the cylinder to the closest. Usually, the longest line will have the air. After doing all four lines, if you are anal about it, repeat 1 - 4.
__________________
~ 1997 Mazda Miata, turbo-charged
~ 2007 Mazda RX8, daily driver
~ 200x Lotus Elise/Exige?