  We present analyses of archival X-ray data obtained from the XMM-Newton
satellite and optical photometric data obtained from 1 m class telescopes of
ARIES, Nainital of a magnetic cataclysmic variable (MCV) Paloma. Two persistent
periods at 156 $\pm$ 1 minutes and 130 $\pm$ 1 minutes are present in the X-ray
data, which we interpret as the orbital and spin periods, respectively. These
periods are similar to those obtained from the previous as well as new optical
photometric observations. The soft-X-ray excess seen in the X-ray spectrum of
Paloma and the averaged X-ray spectra are well fitted by two-temperature plasma
models with temperatures of 0.10$_{-0.01}^{+0.02}$ and 13.0$_{-0.5}^{+0.5}$ keV
with an Fe K$\alpha$ line and an absorbing column density of 4.6 $\times$
10^{22} cm^{-2}. This material partially covers 60 $\pm$ 2 % of the X-ray
source. We also present the orbital and spin-phase-resolved spectroscopy of
Paloma in the $0.3 - 10.0$ keV energy band and find that the X-ray spectral
parameters show orbital and spin-phase dependencies. New results obtained from
optical and X-ray studies of Paloma indicate that it belongs to a class of a
few magnetic CVs that seem to have the characteristics of both the polars and
the intermediate polars.
