nikunj,
You can use click event handler for adding indexLabel to dataPoint that is clicked. Please check the code snippet below –
function onClick(e){
e.dataPoint.indexLabel = "Y: " + e.dataPoint.y;
e.chart.render();
}
Also, kindly check this JSFiddle for adding indexLabel on clicking specific dataPoint.
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Indranil Deo
Team CanvasJS