He said "Newcastle are a good team, they will stay up."
Shinji Okazaki's overhead kick earned a 1-0 win over Newcastle on Monday to condemn Rafa Benitez to defeat in his first game in charge of the Magpies.
The striker's fifth league goal of the season won a match where the hosts were not at their best again but ground out victory.
Leicester restored their comfortable advantage ahead of Saturday's trip to Crystal Palace but Ranieri insisted he is ignoring their position.
"No I don't look at the table, I look at the next match, Crystal Palace. Alan Pardew (Palace boss) was upstairs to watch us, it's another tough match," he said.
"We want to enjoy and want to continue, our fans are dreaming and are so proud of us.
"The fans must dream and we must work. I'm pleased with our spirit."
Tottenham's 2-0 win at Aston Villa on Sunday put pressure on Ranieri's men but they reacted and the Italian insisted points matter more than performances.
"We played our match and we won three points. At this point of the season, the points are important, not how you play," he said.
"Now it's important to stay calm. All the city is behind us pushing, we must stay calm and enjoy.
"It was a difficult match but we won. I know we played better against Aston Villa or West Brom but we drew both the matches.
"It was a tough match and we knew that, when a team changes a manager the players wants to show a fantastic attitude."