Just checked XmlTextReader class
, wow it fits perfectly to my requirements.
XmlTextReader provides direct parsing and tokenizing of XML and implements the XML 1.0 specification as well as the namespaces in the XML specification from the World Wide Web Consortium (W3C). This article provides fast, tokenized stream access to XML rather than using an object model such as the XML Document Object Model (DOM).
For further information, refer this link: http://support.microsoft.com/kb/307548