The hosts had an early opening when Garath McCleary teed up Hal Robson-Kanu but Danny Batth was on hand to block.
James Henry almost gave Wolves the lead against his former club, only for his 20-yard effort to fly wide.
Paul McShane stopped Wolves stealing a late winner with a fine tackle to prevent Bjorn Sigurdarson shooting.
Wolves boss Kenny Jackett dropped £3m January signing Joe Mason - who scored within three minutes of his debut against Bolton - from his starting line-up.
But the result meant that the visitors, who won 1-0 against Reading on Boxing Day at Molineux, moved up a place to 11th in the table, but ended their league-leading streak of scoring in 11 consecutive games.
Reading also improved a place to 15th by virtue of goal difference after Leeds United lost 1-0 to Nottingham Forest.
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Wolves manager Kenny Jackett:
"We need a really good run. It's not impossible and we have keep driving forward.
"We won four games on the trot not so long ago, going from mid-table to floating around the edge of the play-offs. We're close to being a very good side.
"It was a hard battle today but it was a good performance from us. We controlled long spells of the game but couldn't quite get that goal."
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Reading boss Brian McDermott:
"It was a tough battle in horrible conditions.
"Sometimes you get a clean sheet and a point, you take it and you move on.
"Wolves got a lot of men behind the ball but I didn't expect them to come here, play an open game and take us on."
Reading made it five Championship games without a win as they played out a goalless draw against Wolves at the Madejski Stadium.