But in a surprise result, Australia beat India by 72 runs in the opening fixture in Pune.
QUICK SINGLE: Finch the enforcer
Dhoni says any talk of George Bailey's men being the underdog is fanciful.
"We never underestimate anyone," Dhoni said.
"I think it was from (the media's) side again, saying that the Australian team is the underdog."
Australia triumphed on the back of a monster total sparked by Bailey (85) and Aaron Finch (72), before a complete bowling effort stunted India's much-vaunted batting lineup.
"What you have to see is what the conditions are like, where you're playing (and) the conditions will suit which particular team more than the other side," Dhoni added.
"That way the team that has an advantage has an upper hand.
"It's not about where you are ranked or who considers who is the underdogs.
"I feel Australia executed their plans (in game one)."Game two will take place in Jaipur on Wednesday, with a scheduled start of 1900 AEDT.