We report our first microlensing candidate NMS-E1 towards M31 from the data accumulated during the four years of Nainital Microlensing Survey. Cousin R and I band observations of ~13x13 field in the direction of M31 have been carried out since 1998 and data is analysed using the pixel technique proposed by the AGAPE 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 center of M31. The degenerate Paczy{n}ski fit gives a half intensity duration of ~59 days. The photometric analysis of the candidate shows that it reached R~20.1 mag at the time of maximum brightness and the colour of the source star was estimated to be (R-I)_0 ~ 1.1 mag. The microlensing candidate is blended by red variable stars; consequently the light curves do not strictly follow the characteristic Paczy{n}ski shape and achromatic nature. However its long period monitoring and similar behaviour in R and I bands supports its microlensing nature.
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