I have preinstalled windows 8.1 lenovo flex 2 with 8 GB SSD and 500 GB HD
i want to shrink drive C and create another free drive for data.
will it affect the windows recovery options of refreshing and reseting?
Yes, it will unless your new partition is moved to the end after the 14.34GB recovery partition.
There's a hidden 128MB MSR partition which disk management does not show. So counting from left to right, the factory recovery partition is partition #7 as also indicated in the result of reagentc /info.