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So I'm getting a gut feeling based on the general trend with the scores that I've seen online that it's possible that I could get NLIU Bhopal. In terms of placements and faculty, should I choose Bhopal or Mumbai, having this doubt as the latter enjoys a locational advantage in terms of jobs and opportunities, but is it big enough for me to place it above Bhopal in my preference?
Mumbai as a city is itself a big factor. I know of a few students who have left NUJS for Mnlu. there are many who chose Mnlu over NLUJ/GNLU. So decide accordingly
Agar sab kuwe me koodenge toh tum bhi koodoge kya?

Translation - Don't fuck up your career by joing MNLU
Those who have left NUJS for MNLU would eventually consider it to have been one of the biggest mistakes of their lives, if they are not already doing so.
MNLU Mumbai will not give you any locational advantage at this stage other than saving your ticket fare to Mumbai during internships. NLIU Bhopal has got better faculty, much better alumni, and certainly better administration currently.
It's like choosing a old generation Mercedes V. a new generation Alto and MNLU isn't even fit enough to be called an Alto. Be smart and choose NLIU.