Most of the time several students complain that they couldn’t complete their objective paper; they were struck in one or another problem and wasted a lot of time. Some says that their guess went wrong and marks were deducted due to negative marking, some could not read paper completely and missed some easy questions etc.

You should keep in mind that objective paper solving is different from subjective paper.

You don’t need to study extra for objective questions but practice little bit.
Your guess in solving objective can bring you in difficulty but some intelligent guess can add valuable marks to your score.
Most of time objective questions have some hint in the form of multiple choices for the question. 

Guidelines for solving objective paper:

Keep the structure of GATE Exam in mind .
Plan your time accordingly and Allow more time for high point value questions; reserve time at the end to review your work, and for emergencies.
I'll suggest following sequence, but you can keep as per your choice:
1st attempt- 2 Marks question,
2nd attempt- Common Data Questions, Linked questions and then
3rd attempt- single mark questions.

Look the whole test over, skimming the questions and develop a general plan for your work.
If any immediate thoughts come to you, jot them down in the margin 
Start with the section of the test that will yield the most points, but begin working with the easiest questions to gain time for the more difficult ones and to warm up. 
Work quickly, check your timing regularly, and adjust your speed when necessary.
Avoid reading into the questions. When you find yourself thinking along the lines of "this is too easy; there must be a trick..." mark the question and move on to another.  Interpret questions literally. 
Read every question very carefully which helps you to find the key words.

Multiple Choice Questions Specific Tips for GATE Exam:

Remember in GATE each question will have four choices for the answer, only one is correct and wrong answer carry 33% negative marks
Read the question (without reading choices) very carefully.  
 Notice important key words and look for special key words like not, but, except , or, nor, always, never, and only . Many times we miss words like "or" and whole question in changed. 
If you can think of answer before reading choices, keep it in mind before reading choices
Compare with choices and select the best suited answer.
Most of times choices are made to confuse. If there are two or more options that could be the correct answer, compare them to each other to determine the differences between them.
If there is an encompassing answer choice, for example "all of the above", and you are unable to determine that there are at least two correct choices, select the encompassing choice.
Make intelligent guesses and try eliminate options any way you can.

Multiple choices can provide direct short cut to get correct answer, especially in numerical problems. 

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