I am 16 year old.4 feet 11 inch.my parents are short.i want to increase my height.what should i do? do i have any chance for at least 5 feet 3?

Depends on variables: Your predicted genetic height is half your parents combined height less 2.5 inches. Most 16 yo girls who entered puberty at a normal time are near the end of their growth. A single x-ray of your wrist and hand could detect open growth centers that would permit more growth, but unless your bone maturity is at a 12 year old level i wouldn't expect 4 more inches.