I know a few people from JNTUH and here is what I gathered from the conversations I had with them regarding the M.Tech admission process in Telangana State Universities like OU or JNTUH. 

It is very difficult to get admission to state universities with 433 ranks unless you have a reservation or quota.

My cousin wrote the TS PGECET when he got the 50th rank in the exam. He was quite sure he will get a decent branch at JNTUH. However, after counseling, he got a VLSI design course in VNRVJIET. 

We inquired about this and got to know that at state universities like JNTUH and OS, the priority is given to the GATE exam candidates, and then the leftover seats are given to TS PGECET rank holders.

If you want to join a state university I will suggest you write the GATE exam and try to get all India rank below 1000. If you want to study only at Osmania University then try to get all India rank below 5000 as there is a very high competition for this university because of nominal semester fees. Many students compete to join Osmania University because of its prime location in Hyderabad and very low tuition fee and hostel fee. There were even intense situations where students from NIT Warangal left their seats to join OS, for its location and low tuition fee. 

So, if you want to do an M. Tech course in state universities in Telangana It is better to write the GATE exam and get a good rank in all India.