Lewis McGugan netted from the spot nine minutes from time to secure a 1-1 draw over the Tangerines who had Isaiah Osbourne sent-off in the 58th minute.
By that stage the home side were already trailing to Ludovic Sylvestre's 27th-minute strike and although Forest dominated the closing half-an-hour, they were unable to secure three points.
The midlanders remain fifth in the Championship table and Davies said: "It was a frustrating afternoon for us because of the type of game plan our opponents had.
"But it is credit to our players that teams are coming here and sitting so deep - they are aware of the attacking threat we have.
"We had seven corners to their one, had 18 shots against their four and had over 80 per-cent possession but we needed to be a bit more patient and increase our quality in the final third. We were pedestrian in the first half.
"But we are sitting in the top five, are unbeaten in 10 games and with five games to go are sitting in a very good position.
"We know what we have to do in the remaining games but I am delighted to be where we are, considering the situation we were in when I took over."