Blood can be assumed as a suspension of magnetic particles in non-magnetic plasma, due to presence of hemoglobin in red blood cells. The hemodynamic and rheological property of blood could help us to diagnose and perceive the pathological condition of stenosis. Stenosis is an abnormal and unnatural growth that is due to the deposits of atherosclerotic plaques, cholesterol, lipids, fats etc. inside the lumen of artery in a cardiovascular system. The governing equation of flowing fluid is solved numerically with the help of Frobenius method. The Einstein equation, dependent on hematocrit concentration of blood also helps to develop this model. The hematocrit is the proportion, by volume, of the blood that consists of red blood cells. The essential theoretical results such as axial velocity profile, pressure gradient and wall shear stress have been calculated numerically using MATLAB. From these results we conclude that the axial velocity decreases for increasing Hartmann number while pressure gradient and wall shear stress increases with increase of it. The variation of the solutions of these theoretical results with regard to different parameters has been shown from the graphical representation and it has been observed that the flow pattern is significantly controlled by the magnetic field.