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Just stick with nginx, it has everything you need ;-) and easy to setup. The trick is to serve for example 3 different qualities of the same video. You than create segments of each video for example every 5 seconds. Then you load up an m3u8 file in for example jwplayer and in this m3u8 file you put the location of the segments for each quality. The jwplayer checks according to bandwidth which quality it should download. This is for vod, for live streaming you have to transcode the incoming stream with ffmpeg or whatever encoder you use and restream it. This causes some delay and needs some big server for high load.
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