Proper Nginx 301 Direct?

[LuDo8]

I'm moving from one domain to another. Still using wordpress, and same database just different domain.

This setting worked for me, BUT my big question is this the proper 301 redirect where it tells google I am MOVING so that it knows to pass the link juice and page rank over to the new domain?

server {
#move the server_name 'www.' to rewrite
#if you prefer www.domain.com
server_name www.oldsite.com *.oldsite.com;
rewrite ^/(.*) http://oldsite.com$1 permanent;
}

server {
listen 80;
#add 'www.' prefix if you prefer www.domain.com
server_name oldsite.com;
rewrite ^/(.*) http://newsite.com/$1 permanent;
access_log /home/www/oldsite.com/logs/access.log;
error_log /home/www/oldsite.com/logs/error.log;

The line in bold is my question, $1 is the same as request_uri?
permanent = 301??

Thanks in advance.