Chris Coleman said: "A team that put in the performance we did in the first 45 minutes belongs at the other end of the league.
"We played good football, we made a lot of chances, defended very well when we had to and that's the standard and the type of football we are looking to produce week in week out if we can.
"When you create chances and don't take them like we did in the first half then you are going to get a little bit edgy and we did that in some periods in the second half.
"But overall we were never really tested at the back. (Andy) Marshall never really had a save to make and I'm very surprised and frustrated we never took the three points because the players deserved three points."
The Welshman, who has picked up four points from his first four games as manager, admits his side are in a scrap for survival - but insists he knew that was the case when he took charge last month.
"I think when we looked at the league at the weekend and especially after results on Tuesday night, I think people believe now we are in a relegation battle," he added.
"It was a relegation battle when I arrived, I was under no illusions. We are coming into a team that have lost a lot of games recently so there's no quick fix. I haven't got any magic to bring to the table and say everything's going to be fine, it's not.
"It's going to be a very difficult run in for us and the only way we are going to be okay is if we approach games like tonight - more performances like that then we will get points and we will be okay."
Rangers remain 15th after the result but boss Luigi De Canio believes the point gained has moved his team a "little step" nearer to safety as they moved nine points clear of the drop zone.
He said: "We have taken another little step forward and we just have to try and aim to get the possible result from every game because it (survival) is within our grasp."
It was a disappointing performance from a Rangers side who made light work of promotion contenders Stoke just four days earlier.
City goalkeeper Marshall barely broke sweat as the Hoops defended deeper and deeper as the game progressed.
Asked if they had come for a draw, De Canio replied: "No, Coventry forced us to get a draw.
"I am disappointed but I say congratulations and well done to Coventry because it's down to their performance that we were unable to play like we wanted. However, we should and we could have done more."