As per technical Trading Analysis We can Create Hedge Position in mention Stock If NSE:COLPAL1! Breaks 2015-10 Level then Possibly it will test 1950,1920 Level if you are ready to take risk then go with Hedge Position.
Hedge Aug series Buy COLPAL 2050 CE Near 35-37 and sell Future Near 2015, Stop Loss 2050, target 1960,1930