In this report we have pointed out that magnetic hysteresis loop can be used as a probe to distinguish a single layer from a many layer graphitic structure. Chemically we have synthesized graphitic oxide (GO) and reduced graphitic oxide (RGO) for thi
s investigation. We observe ferromagnetic like hysteresis loops for both GO and RGO below a certain applied critical magnetic field and above this critical field we observe cross-over of the positive magnetization to negative magnetization leading to diamagnetic behaviour. This cross-over is more dominant for the case of many layer graphitic structure. Upon annealing of GO in air the critical cross-over field decreases and the magnetization increases for multilayer graphitic structure. Possible reasons for all these observations and phenomena is presented here.