They had plenty of opportunities to score during the match, with NathanTyson failing to make good contact with an effort inside the penalty area, early on.
Forest started brightly in the second half, NathanTyson almost heading home within seconds of the restart but directing his effort into the arms of Steve Harper.
Forest dominated much of the possession throughout the match, but it was not until Davies introduced NathanTyson and Lewis McGugan just before the hour that this translated into clear-cut chances.
NathanTyson, recalled in place of Radoslaw Majewski, forced a low save with a crisp long-range strike while the Owls keeper did well to keep out a free-kick from Robert Earnshaw.
Forest, who now face back-to-back home games against play-off hopefuls Reading and Burnley, brought on NathanTyson and Robert Earnshaw in the second half and the former was inches wide with a left-foot strike.