IS there any way or any Tool or any website which can help small retail investors to identify few stock where the difference in two month future is very for hedging
Moneycontrol provides you this information. You can also track arbitrage mutual funds, these funds primarily takes advantage of difference is spread between two months and do calendar spread trading yielding an average returns of 15%.
Above link give you some arbitrage funds, with their ranks you can check in which stocks these funds are investing and take advantage to do calendar spread trading on those stocks.
This should help you !