Hedging futures risk with options

I was planning to create short futures position for castrol india ltd for July 2017 series at 408. I wanted to hedge it by buying call for same maturity at the money, but i see option chain with very less volume, around ITM options on both call and put after three strikes are nil. Is it wise to create this futures short position? What can go wrong in it? Is there any other possibility to hedge this position?