Bayern, who exited at the quarter-final stage last season, are in Group C along with Inter, Barcelona and Czech side Viktoria Plzen.
"We have a very interesting opponent, a very interesting group phase ahead of us, and with this few amount of group matches you don't have much time to show weaknesses, and that is why we will aim to have a very good start," Nagelsmann told reporters.
"Bayern Munich should always be among favourites ... A club of this size, with this history as well, should always be among favourites on an international level for winning the cup. In the end, it is important to talk less about this, and do more."
Nagelsmann said the six-times Champions League winners are expecting a tough test against last season's Serie A runners-up Inter.
"Inter is a team that is very experienced, not easy to fool. Especially when you look at the line-up, that time and time again tries to take opponents out of their concept with unexpected moves," he added.
"It is an extremely experienced team, the quality of players is exceptional."
