Goals from Lewis McGugan and substitute Dexter Blackstock earned Forest the three points that lifted them into the play-off places.
But after a steady start to the campaign, Davies said his men must maintain their form after extending their run without defeat to four outings.
Davies said: "It was a very good three points but that's all it is as we are still in November. There is a long way to go and we have done nothing yet. I am not too excited at the moment as we have to wait until the end of the season for the big picture."
The triumph in Wales was marred by a late injury to Blackstock, who was was carried off the pitch after a collision with Cardiff midfielder Seyi Olofinjana.
Davies added: "It looks as though Dexter Blackstock has cruciate ligament damage which is very disappointing for the lad and for the club."