The steady two-dimensional boundary layer stagnation point flow due to a shrinking sheet is analyzed. The combined effects of magnetic field and nonlinear convection are taken into account. The governing equations for the flow are modeled and then simplified using the similarity transformation and boundary layer approach. The numerical solution of the reduced equations is obtained by the second-order finite difference scheme also known as Keller box method. The influence of the pertinent parameters of the problem on velocity and temperature profiles, skin friction, and sheet temperature gradient are presented through the graphs and tables and discussed. The magnetic field and nonlinear convection parameters significantly enhance the solution range.