Australia appear the team to beat as they chase the one major title to elude them since the biennial event started in 1998.
They recorded impressive six-wicket victories over Ashes rivals England and hosts India to regain momentum after a 10-run defeat against holders West Indies.
The Caribbeans meet South Africa in the second semi-final in Jaipur on Thursday.
Australia captain Ricky Ponting was cautious after his team were ousted in the semi-finals of the last two editions.
"It is going to be a tough game," he said after Sunday's victory over India in the must-win game. "It's going to be a big contest, we got to be on our game."
Australia enjoy a 70-27 win-loss record against Stephen Fleming's side. They are 13-1 up in neutral venues and have won all six previous meetings in India.
PONTING WARY
Ponting was wary of opponents who have in the past shown the knack of springing surprises with their backs to the wall.
"They enjoy playing one-day cricket, they haven't had much Tests to play," he said. "The conditions they're playing in suit them as well."
South Africa, the world's best one-day side after Australia, will also be on their guard despite past superiority over West Indies.
South Africa, winners in 1998, and New Zealand, the 2000 champions, needed victories over Pakistan on a seaming Mohali pitch to qualify.
West Indies upset Australia on an under prepared Brabourne stadium pitch in Mumbai and their spinners could provide the edge on a slow Jaipur pitch.
Jamaican Chris Gayle has hit two hundreds and taken eight wickets bowling off spin so far, providing the kind of spark his 24-year-old counterpart Shane Watson has done for Australia.
Slow pitches in three venues -- Mumbai, Ahmedabad and Jaipur -- and an unusual seaming surface in Mohali have belied hopes of high-scoring contests and forced teams to revise strategies.
Teams have also had to plan for dew on the pitch in the evening, either deciding to bowl first or claiming early wickets before the wetness made gripping the ball tough.
