It is a janya rāgam (derived scale), as it does not have all the seven swaras (musical notes).
It is a pentatonic scale (audava-audava ragam[1][2] in Carnatic music classification - audava meaning 'of 5').
Its ārohaṇa-avarohaṇa structure (ascending and descending scale) is as follows (see swaras in Carnatic music for details on below notation and terms): (the notes used in this musical scale are shadjam, antara gandharam, shuddha madhyamam, panchamam, chathusruti dhaivatam) Nāgasvarāvaḻi is considered a janya rāgam of Harikambhoji, the 28th Melakarta rāgam, though it can be derived from other melakarta rāgams, Chakravakam, Sooryakantam, Shankarabharanam, Vagadheeswari or Shoolini, by dropping both rishabham and nishādam.
Nāgasvarāvaḻi's notes when shifted using Graha bhedam, yields another popular pentatonic rāgam, Hamsadhwani.
For more details and illustration of this concept refer Graha bhedam on Hamsadhwani.