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@himanshu_tanwar,
can the tooltip be shown only when the mouse is over the datapoint?
Tooltip will be shown only when mouse is hovered or near to the dataPoint, when shared property is not set / set to false (defaults to false). But if shared property is set to true, toolTip is shown when you mouse hover the plotArea i.e. the region where dataPoints are rendered.
In the JSFiddle that you have shared, it seems to be working as briefed above.
— Vishwas R Team CanvasJS