If you have a single stock or a portfolio of many stocks – the same can be hedged using different strategies or a combination of strategies.
Example: Index futures can be used to hedge the portfolio. Stock futures can be used to attain the same goal. Diversification can also be implemented in your portfolio to gain risk mitigation.
If one is holding stocks, one can buy put options to hedge himself against the falling prices in the cash market. Any drop in price in the cash market of that underlying script will be compensated by the profit that will be made in the option payout.
If the price of the underlying in the cash market goes up, one can let the put option expire. Loss will only be to the tune of premium paid to buy the put option. While the loss in the option position will be compensated by the rise in the price in the cash market.