The operation of a high sensitive atomic magnetometer using resonant elliptically polarized light is demonstrated. The experimental geometry allows autonomous frequency stabilization of the laser, thereby offers compact operation of the overall device. The magnetometry is based on measurement of the zero magnetic field resonance in degenerate two level system using polarimetric detection and has a preliminary sensitivity of <10 pT/Hz 1/2 @ 1 Hz. The requirements for these specialized applications are very specific in terms of sensitivity, dynamic range, and sizes. For example, the biomedical application desires miniaturized sensor head where as overall size & weight of the device is of paramount importance for space application. For either biomedical or space application, the all optical magnetometer has an edge over RF magnetometer [5] due to possible reduction in sizes.The all optical magnetometer has two variant, one operating on degenerate two level systems and the other relying on quantum interference among distinct hyperfine levels. The measurement based on degenerate two level systems primarily operates as NMOR (non-linear magnetooptic rotation) or SERF (spin exchange relaxation free) magnetometer [6,7]. The preparation of the atomic system for these two techniques are different, however relies on similar detection scheme. Recently, Shah and Romalis have circumvented the requirement of the additional pump beam in the orthogonal direction to the probe beam for the operation of the SERF magnetometer by the use of an elliptically polarized light without compromising much on the sensitivity [8]. This magnetometer was operated at ~45 GHz away from the atomic resonance and the elliptically polarized light does the dual job of spin polarization and measurement of the magnetic field.The all optical magnetometer working on quantum interference between hyperfine states can be operated either in high field regime, where the separation between the coherent population trapping (CPT) states is a measure of magnetic field or in the low field regime utilizing the separation between the convoluted transmission and polarization rotation signal arising due to quantum interference [9][10][11][12]. The later techniques provide a unique possibility of simultaneous operation of atomic clock and atomic magnetometer apart from operational flexibility for magnetometry [12].Here we have envisaged a new experimental geometry for measurement of the magnetic field utilizing zero magnetic field resonance of the degenerate two level systems. It is based on the analyzer parallel to the polarizer configuration against conventional 45 0 among them as has been utilized for either NMOR or SERF magnetometer. We use conventional frequency modulation spectroscopy to improve the signal to noise ratio. The schematic experimental set-up is shown in Fig.-