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We report our first microlensing candidate NMS-E1 towards M31 from the dataaccumulated during the four years of Nainital Microlensing Survey. Cousin R andI band observations of ~13'x13' field in the direction of M31 have been carriedout since 1998 and data is analysed using the pixel technique proposed by theAGAPE collaboration. NMS-E1 lies in the disk of M31 at \alpha = 0:43:33.3 and\delta = +41:06:44, about 15.5 arcmin to the South-East direction of the centerof M31. The degenerate Paczy\'{n}ski fit gives a half intensity duration of ~59days. The photometric analysis of the candidate shows that it reached R~20.1mag at the time of maximum brightness and the colour of the source star wasestimated to be (R-I)_0 ~ 1.1 mag. The microlensing candidate is blended by redvariable stars; consequently the light curves do not strictly follow thecharacteristic Paczy\'{n}ski shape and achromatic nature. However its longperiod monitoring and similar behaviour in R and I bands supports itsmicrolensing nature.Comment: no changes except typos corrected, to appear in A&

First microlensing candidate towards M 31 from the Nainital Microlensing Survey