The Volts must beat the Bangalore Royal Challengers tomorrow morning to keep their prospects alive.
Despite getting a harsh reality check in the opening match, Otago coach Mike Hesson said the side remained confident.
"It was actually quite nice to get that game out of the way," Hesson told the Otago Daily Times from India.
"There is no doubt there was a few nerves around . . . but we've got lots of confidence in the camp and have a day and a-half to turn it around before what is a must-win game."
Bangalore has a classy batting line-up which includes internationals Jacques Kallis (South Africa), Rahul Dravid (India) and Ross Taylor (New Zealand).
It was one of the pre-tournament favourites and also needs to win to remain in the competition.
It is a daunting task, but Hesson is bullish about his side's chances.
"We've got plenty to work on in terms of our execution, but if we can get that right it doesn't actually matter who we are bowling to."
While aspects of the batting were poor, particularly the running between the wickets, it was the bowling which hurt Otago the most.
The attack came under pressure early as the Cobras seized the initiative through opener and skipper Andrew Puttick.
The 28-year-old left hander set the tone with two superbly-struck boundaries in Neil Wagner's first over and went on to score an impressive unbeaten century.
His 100 came off just 60 deliveries and, with JP Duminy (32) and Justin Ontong (39) playing support cameos, the Cobras reached 193 for four.
"I think 90% of the time we executed pretty well with the ball.
But when we missed we basically put it in the slot and they capitalised.
"I'm really happy with the fielding as a whole. And with the batting, we had a number of guys get starts and unfortunately, no-one carried on, so we kept losing momentum."
Otago made a bright beginning to its reply with Aaron Redmond and Brendon McCullum getting their side off to a brisk start.
But a series of run-outs stymied momentum and the run chase quickly unravelled.
With the pressure of needing to score at nearly 10 runs per over, Brendon McCullum pushed for a second run and could not beat Henry Davids' throw back.
A badly-judged single cost Neil Broom his wicket, with Davids once again supplying the throw.
And Otago captain Craig Cumming paid the price for following up too far when Herschelle Gibbs threw the stumps down from side on.
Nathan McCullum gave Otago hope with a promising innings of 38 from 21 deliveries.
But when he was caught, Otago's slim prospects evaporated.
The Volts are unlikely to make any changes for the Bangalore game, although they might consider asking Brendon McCullum to take the gloves from Derek de Boorder so they can field an extra batsman or bowler.
However, Hesson hinted at keeping the status quo.
"We'll see how we go but I was pleased with the way Derek went and, obviously, Brendon is useful in the outfield for us, as well.
"Brendon is our premier batsman and he always has a few niggles here and there. So I think it is important that he is in the right frame of mind to go out there and win a game for us with the bat."
