Hi Francis,
Thanks for the reply.
logrotate has been used to archive the nginx log files on daily basis from the machine and below is the configuration.
Once it has been executed, the files would get zipped in gzip format and new files would get created (as killing the nginx PID, further the nginx log will be generated).
/var/nginx/logs/*log
{
daily
rotate 20
missingok
notifempty
compress
sharedscripts
postrotate
/usr/bin/kill -USR1 `cat /var/pid/nginx.pid 2>/dev/null` 2>/dev/null || true #PID file for nginx
endscript
}