According to Hooke's law, the stress produced in a body is proportional to the strain. But this proportionality exists for small strains only.
When a load is applied to a damped wire, the length of wire goes on increasing part OA of the graph is straight line, indicating that upto point A increase in length is directly proportional to load.
After point A on further increasing the load, the increase in length is no longer proportional to load, however till point B, the elastic property exists in the wire. The stress at point B is called elastic limit.
Beyond B is the wire does not return to its original position, but its length is permanently increased.