@sparikh,
You can set the mouseover and mouseout event handlers and create a custom function using the tooltip updated function to achieve the same behavior with a line chart. Please find the code snippet for the same below.
toolTip: {
updated: function(e) {
if(!showToolTip)
e.chart.toolTip.hide();
}
}
Please check this updated JSFiddle for a working example.

—
Thangaraj Raman
Team CanvasJS