The mathematical model for the incompressible two‐dimensional stagnation flow of a Maxwell fluid towards a shrinking sheet is proposed. The developed equations are used to discuss the problem of being two dimensional in the region of stagnation point over a shrinking sheet. The nonlinear partial differential equations are transformed to ordinary differential equations by first‐taking boundary‐layer approximations into account and then using the similarity transformations. The obtained equations are then solved by using a successive linearisation method. The influence of the pertinent fluid parameters on the velocity is discussed through the help of graphs.