Hello Surovi

Yes and No both. Let us take case 1 i.e Why No- See, at first you are deprived of 120 marks so now you can do anything with just 240 marks and given the chances of getting wrong answers i don't think you can get all of them right (as you are saying you are ommiting physics) so if your score is below 160 then you can't get a good NIT.

Case 2- Yes, absolutely why not, if you can get a min of 200-220 out of 240 then surely you can a get above 93 percentile and it can land you in any of the good NIT's.

So, it's all upto you. All the best.