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@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