The Bhoys beat the Azerbaijani champions 1-0 at Celtic Park on Wednesday night.
The Norwegian had a mixture of positive words and cautionary thoughts when discussing the tie, with the Bhoys set to take the narrowest of leads to Baku next week.
Nevertheless, Deila saw some good in the scoreline as he spoke to the media afterwards.
“It’s hard to say (if Celtic are favourites), but we have a good chance and everything can happen in football," the 39-year-old told the Celtic site. "It makes it easier (the 1-0 lead). The goal is vital and it’s an extra goal without conceding so that’s very important.”
“Now we have put ourselves in a good position and if we score there they need three so that’s positive."
Deila did say that he thought his side would have to get up to the same level they showed against Inter Milan in the Europa League last season in the second leg in order to ensure they stayed in the tournament. The Bhoys narrowly lost 4-3 on aggregate after a 1-0 defeat in Milan in February to get knocked out of the Europa League.
“We have to get up to the Inter Milan game level to get a good result," he added. "Offensively we should have played quicker and should have created more but it’s still early in the season and that’s something we have to work on through the games.
“I believe in my team but we have respect for the opponent. We have put ourselves in a good position.
“You learn through experience. We have some experience here but a lot of the players haven’t been to Champions League before."
Celtic only took the lead in the last few minutes of the match, as Dedryck Boyata once again proved his aerial prowess to net the winner. The Scottish giants will be hoping they aren't waiting so late for a goal in the second leg, otherwise nerves are going to be jangling even if they do manage to stop Qarabag from scoring.