Chambers was dismissed after appearing to elbow Reading striker Shane Long in the face.
"I am now down to just two defenders," said Davies. "I have been trying hard to get new men in, including Matt Mills who has just joined Reading.
"Now I am going to lose a couple more players in midweek because of a very disappointing international friendly, which doesn't help.
"I didn't see the sending-off incident, but I know what Luke told me. He said the Reading player elbowed him in the stomach. Luke then raised his arm and the Reading man ran into it.
"I will be very interested to see the video but if Luke is shown to be innocent then I will appeal against the decision.
"People are talking about Nottingham Forest as big spenders in the summer, but that doesn't take account of our inactivity during the January transfer window and at the end of last season I was left with 12 or 13 players, with others out on loan deals."
New Reading manager Brendan Rodgers said he was "very pleased" with his young team's performance.
"The only thing that was missing was a goal. That's a wee part of the game but a very important part," said Rodgers.
Rodgers started with five former academy youngsters in his starting line-up and four more on the bench.
"I had no hesitation in playing them. If they are good enough they are old enough. It wasn't something forced on me by injuries," he said.
"I chose Simon Church up front instead of Shane Long because of their performances in five pre-season games, but both are full internationals and there wasn't much in it. Long had a real impact when he came on.
"It's a squad, not a team, and everyone will play their part during the season.
"I didn't see the sending-off incident but Shane doesn't go down easily."