Saturday`s 1-0 win at Derby extended their unbeaten run to six league games - five of which have been victories. It lifted Forest into sixth position and within four points of second-placed Cardiff, with two games in hand.
Davies has warned he needs to bolster his squad if the Reds are to maintain their promotion push.
"We know what is left of this season, we know how many games we have left. We are lucky at the minute that we do not have too many major injuries to deal with," said Davies. "But we need to add one or two bodies to this squad to give us that strength in depth because there is a long way to go and a lot can change.
"There are a few very important days to go in the transfer window. I would like to see one or two new faces come in, but I have said before what I believe is needed and I will say it again.
"I said the same things last season but it is not my job to go and negotiate. All I can do is put things forward and, hopefully, get this club to where it belongs, which is the Premier League."