Hi Dan,
Thanks for your response. I tried logging into the portal using the url you have provided(rally1.rallydev.com). I tried with my company provided rally login credential ,which did not let me in. I also, tried with the user id and password that is pertaining to the user account, that i created at ca community portal(not sure if these credentials might take sometime to work, since the mail that i received mentioned that it might take 24-48 hours to get full access). Anyways, thanks for your help.
Will try again in couple of days and keep you posted, in case of any issues.