India defeated lower-ranked Italy 5-4 in the shoot-out after both the teams were level at 1-1 at the end of regulation 60 minutes.
And Rani, who scored India's equaliser in the second half before taking two successful attempts in the shoot-out, said they wasted chances galore and should have sealed the match in regulation time.
"Our impatience could have proved very costly, but we're glad to keep alive the dream of qualifying for the 2016 Olympic Games," she added.
The match was tied 1-1 after 60 minutes of regulation period. The shootout failed to break the deadlock as both teams scored four times each and the issue was decided in the first attempt during the sudden-death that followed.
Rani again duly converted her attempt, but the shot landed on target with less than half a second left. No other Indian try was required as goalkeeper Savita brought off a save against Giuliana Ruggieri.