Before I start I must confess that I did win some money on England for the 1st test and I do still have money riding on England to win the series. However, while some people now seem to be praising England as "the best team in the world" and are predicting a 4-0 or 3-0 series scoreline, I think it's a little bit early to get carried away.
India were under-prepared for the 1st test and were not beaten all that convincingly. Yes, England were the better team, and I have growing respect for the stability and confidence in the England team right now. A team which seems to be rising to the big occassions and handling the pressure situations well.
That said, England do have a habit of losing focus and they're well capable of the odd batting collapse - especially when they get over-confident. Meanwhile India will be circling the wagons ahead of the 2nd test with a much better preparation/acclimitisation and while they have some injury issues, they have good depth in their squad and are bound to bounce back.
I'm not saying that India will win the 2nd test, but they are currently under-estimated and I've taken a pre-game position by laying England (2.26) and backing India (5.40) while leaving the draw neutral to take the unknown pitch and weather out of the equation. I generally don't trade during play and will wait until the close of play each day before re-assessing and this early position gives me the opportunity to move into, or away from the draw once the pitch and weather reveal themselves.
In the 1st test I back England outright and kept waiting for England to come into odds-on favourite, but they never did. The draw remained favourite into the start of day 5 so I let my pre-game bets ride. For the 2nd test I'm looking for that English batting collapse for the opportunity to lay off, but if England do win I've atleast covered my 2nd test loss with my England series win bet. In that sense my position for the 2nd test is a bit of a hedge.