My simple requirement is to hide the "DOWNLOAD" action from callout and want to keep other options as it is. Kindly refer below image.
Thanks in advance.
I haven't tried for this particular case but I am sure it should work in this case too.You can inspect the element using F12 ( Deeveloper tool) and get the id or class of the download link and then add DISPLAY:NONE; css property to hide it.
Also you can refer this blog for better understanding http://www.learningsharepoint.com/2013/07/08/hideremovecustomize-callout-actions-in-sharepoint-2013/