I used to hunt Tongariro a lot and one of the tracks I used to access my hunting area was very popular. I was not uncommon to see literally hundreds of walkers on the way in or out when camping out. Sling your rifle and as @kukuwai said, smile and say gidday. Often they will stop for a chat and are usually genuinely interested in what you are doing (especially if from overseas). I have had few negative encounters and the worst one was with a volunteer DoC hut warden who fed me a total load of bullshit about what I could and couldn't do.
It is also amazing where you will find deer in popular areas once all the trampers disappear in the evening.
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