I have created custom list and have applied versioning enable but i dont want to maintain change history for all fields, by default version history displays the history for all fields. Is it possible to select fields in order to maintain change history?
No, it's not. SharePoint will track all fields in it's version history.
Well, kinda "yes" and "no".
Every field in SharePoint has "ShowInVersionHistory" property. By this property, SharePoint decides the result field set to be shown in list item versions list.
Yes, SharePoint does tracking for all the fields, that's true. But result set, which is shown in list item versions list.
This property could be changed by Power Shell/c# code. I'm not sure about SharePoint Designer.