"The pressure will be on and it is here where our flexibility and experience will come into play," Chappell told reporters on the eve of his team's departure for the one-day showpiece event starting next month.
"The more flexibility you have, the better you will be. The competition is going to be very even because there are eight teams which are capable of making it to the semi-finals. There will be a lot of close games."
India are placed in Group B with former champions Sri Lanka, Bangladesh and debutants Bermuda, with the top two sides advancing to the Super Eight stage. They open their campaign against Bangladesh on March 17.
"There is good balance in the squad. There is youth, experience and variety in batting and bowling which give us a good chance and confidence to perform well, no matter what the conditions are," said Chappell.
"We can do all the preparations, but in the end it boils down to execution. It is really going to be our performance on a given day that will count. No matter what plans we make, executing them is important."
The former Australian Test skipper said fielding would be key in the mega-event.
"In the last few games, our fielding has been quite good," said Chappell, whose team recently won one-day home series against the West Indies and Sri Lanka.
"The positive side of having seniors in the side is that we have the experience of some 1,900 one-dayers in the group. That will offset any deficiency we might have (in fielding)."
Rahul Dravid, leading India for the first time in the World Cup, said his team were confident of playing competitive cricket.
"We want to play good, tough and fighting cricket, execute our plans, put things in their places and results will take care of themselves," he said.
Dravid said he did not believe captaincy would put extra pressure on him.
"It doesn't matter to me whether I am playing as a player or a captain. My mind-set is never different," he said. "There is always a hunger to do well for the team, irrespective of whether I am the captain or not."
Dravid said Australia would still be the favourites despite losing their last five one-day internationals.
"They have a good record at the World Cup. You can't dismiss that and I think they will start as favourites," he said.
"Competition will be tight among eight teams. All these sides will back themselves to make it to the semi-finals. In the Super Eight stage, we will have to perform and handle the pressure well."