What has been said by most of the persons on the net I was not able to understand. Today I changed this blog's address from blogger to my own domain, it was just because I was not getting enough visitors on those parked pages to generate any sort of revenue. Then I thought to use my domain to cover this blogspot.com address. Most of the blogging services do not use free domain blogs who are having any sort of blogspot.com or wordpress.com or xanga.com or any other domain name behind them.

How I did it ?

This was not easy because I was not able to understand what the blogger help said about custom domain pointing. It was just given like this

How do I create a CNAME record for my custom domain?

A CNAME, or Canonical Name, record is an entry within the Domain Name System (DNS) that specifies where a user can find your web pages, or any other URL. You'll use this to associate your custom domain with your blog.

After registering your domain, decide if you want to use a particular subdomain for your blog. E.g. instead of www.mydomain.com you could use something like blog.mydomain.com, if you want. Then you'll create a corresponding CNAME record for that address, associating it with ghs.google.com. Keep in mind that changes to DNS records make take up to 48 hours to take effect.

Each hosting service has slightly different ways to create CNAME records. Guidelines are provided here for some of the common services. When in doubt, check with the particular company you're using for additional help or instructions.

Thanks that My domain host was given in this list. So I had to follow.

1and1

1. Log in to your account at https://admin.1and1.com
2. If it's not already selected, click the Administration tab.
3. Click Domains. The Domain Overview page appears.
4. From the New drop-down menu, select Create Subdomain. (If you've already created a subdomain for your blog's address, skip to step six.)
5. Enter only the subdomain you want to use, and click OK. For example, if you chose www.mydomain.com for your blog's address, you should enter www here.
6. Select the checkbox next to the subdomain that you will be using. (Example: www.mydomain.com)
7. From the DNS menu, select Edit DNS Settings.
8. Click the radio button next to CNAME.
9. Enter ghs.google.com next to Alias.
10. Click OK.

Now what I was not understanding was that where are the Nameservers gone. Where should I point my domain's Nameservers to because pointing them to Default will result in a parked page and if they are forwarded to Sedo then they will show the Sedo's parking page.

After loooking many websites and groups I realised that you have to leave your default nameservers in their place and you have to create the CNAME records only.
By adding the CNAME records the domain will be pointed to google's custom servers where the blog will be shown.

So those who are thinking to set up their own domains on blogger blogs don't waste time here and there you need to just do one thing
Leave the default Name Servers
Add the new CNAME records
and let it update for some time After it will update you will have your blog from Blogspot.com pointed to your domain.

That's all for today but I will have some of my other blogs switch over to domains which are empty till now.