The Scot did not use the threadbare nature of his squad as an excuse for the 'unacceptable' defeat at former club Preston on Saturday.
However, he believes that if Forest are to end their run of five successive away defeats they must add some new faces.
"We need three or four players because we needed three players in January when we did not have any injuries," said Davies. "Now McCleary has a knee problem, Perch is struggling with an ankle problem and Lynch has a thigh problem.
"We already miss Paul McKenna massively and there are other players out on the pitch who are still hanging by a thread in terms of their fitness.
"Now we have taken some injuries, we have to look at it. I don't want to beat the same old drum about January but we do need bodies."