। ॥ १ ॥
In plain words
To the one who wears the serpent-king as a necklace, whose eyes see, and whose body is anointed with ash—to Maheśvara, the great Lord, eternal and pure, Digambara, clothed in open space—to him as Nakāra, the syllable *na*: homage to Śiva.
Close to the Sanskrit
To him who has the lord of serpents for a necklace, to the seeing-eyed one, to him whose body-unguent is ash, to Maheśvara, the great Lord, to the eternal, to the pure, to Digambara, whose garment is the open directions—to that Nakāra, the syllable "na," salutation to Śiva.