Matt Doherty gave the Black Country side a first-half lead at the Cardiff City Stadium, only for Aaron Gunnarsson and Junior Hoilett to strike after the break to secure all three points for the hosts.
The turnaround saw Wolves lose after scoring first for the first time in 45 games, but despite having not seen his side win since October 6, Nuno was in no mood to panic at full-time.
"I'm cautious of the moment we have now, it's a lot of games without a win, and knowing there's only one way - stick together and work harder," he said.
"You can't buy confidence, but I think we were better than last weekend, I thought we were in control of it and there weren't many chances for them - although set pieces were always a problem.
"The first goal is too easy the way they scored. After that, it became very difficult. It's hard when you have the lead and lose the game. Usually, it's one of the things that we preserve well, but we had chances to come out and our first pass was poor. We needed more possession."