Nepalese media Monday predicted a majority for the Nepali Congress candidate as voting ended in a run-off election to choose the country's first president, reported dpa.
Nepalese television channels, including private and government- owned stations, said based on the projections, Nepali Congress candidate Ram Baran Yadav would secure a majority.
Yadav is the Nepali Congress' general secretary and has been at the forefront of the party's struggle for democracy.
A formal announcement of the election results was expected late Monday afternoon.
However, analysts said despite the projections, the race was too close to call.
"During Saturday's voting, members appeared to have voted across party lines, and the same could happen in the run-off," political analyst Deepak Bhattarai said.
"The final outcome still hangs in the balance."
Election officials said 590 of the 598 registered members in Nepal's constituent assembly took part in Monday's vote. Two political parties boycotted the election.
The run-off became necessary because no candidate secured a majority of the assembly members necessary for an outright win in Saturday's first round of voting.
In the first round of voting, Yadav received 283 votes, 15 short of the 298 necessary. Maoist-backed Ramraja Prasad Singh received 270 votes.
The election has split the two-and-a-half-year ruling alliance, with the Maoists threatening to stay in opposition if their candidate loses.
While the Maoists emerged as the biggest party in April's constituent assembly election, with 220 seats they are well short of a majority.
"We are hopeful that our candidate will get a majority as we have been assured support by parties who did not support our candidate or boycotted voting in the first round of voting," said Prakash Man Singh, vice president of the Nepali Congress after he cast his vote.
"We are still hopeful of consensus with the Maoists on formation of the government," Prakash Man Singh said.
The Maoist Singh led a brief armed uprising against Nepal's monarchy 23 years ago, carrying out bomb attacks in several locations in Kathmandu, including the royal palace.
He was sentenced to death in absentia by a court but was never captured and lived in exile in India.
The election marks part of Nepal's moves toward peace after the end of a Maoist insurgency nearly two and half years ago.
The assembly already elected Parmanand Jha of the Madhesi People's Rights Forum as the first vice president of the country.