The main talking point of the gane was referee Scott Mathieson's refusal to buckle under the influence of a partisan crowd and give a penalty when Forest's Simon Cox went down in the box, allowing Ipswich to return home with a deserved point.
The home fans amid a 20,000 crowd were baying for the match official to point to the spot, after the striker had gone down as keeper Dean Gerken slid in at his feet.
Davies, who saw his side drop out of the play-off places, refused to be drawn on the decision, saying only: "These things happen, some you get, some you don't. It is what it is."
Instead, he felt his side's failure to claim three points for a fifth consecutive home game was down to missed chances.
"We played against a side that is on fire. I thought for the majority of the game, we controlled it and 90 per cent of our play was good," he said.
"But, ultimately, football is all about chances - and you have to take your chances.
"We are creating a lot of chances. We are looking for the final piece of the jigsaw puzzle, that we will eventually get. I see the players doing it in training but, at the moment, it is just not going for them in front of goal.
"It is just that last piece of the puzzle that is letting us down at the minute. We will encourage the players, to find that missing piece of our play that will get us three points."