Booting ELF image using redboot

I am new to using redboot and I need some help.

This is x86 platform.

On this platform I can boot the bzImage but not the ELF format linux image.

Example if I have following boot script my board boots fine.

load -v -r -m disk -b 0x200000 hda2:bzImage
exec -b 0x200000 -l 0x300000 -c "console=ttyS0,115200 ip=dhcp
root=/dev/nfs  (some env specific stuff) "

However I can not get redboot to load the ELF image I see message (
Bootsector magic not found (0x8954 @ 0x002001fe)

(Not this  vmlinux  was produced by build process that created bzImage
that works)

load -v -r -m disk -b 0x200000 hda2:vmlinux
exec -b 0x200000 -l 0x300000 -c "console=ttyS0,115200 ip=dhcp
root=/dev/nfs  (some env specific stuff) "
Bootsector magic not found (0x8954 @ 0x002001fe)

Reason I am trying to boot ELF image is I am trying to use wraplinux
utility to wrap kernel and initrd, wraplinux produce

Would appreciate any pointers as to what parameters I need to fix for
load/exec when loading ELF file.

/Subodh