vedesh - in the pushbutton callback, you would use the handles structure to get the selections from the two dropdown menus. Your code could look something like the following
function pushbutton1_Callback(hObject, eventdata, handles)
popup1List = get(handles.popup1,'String');
popup1Index = get(handles.popup1,'Value');
popup1Value = popup1List{idx};
popup2List = get(handles.popup2,'String');
popup2Index = get(handles.popup2,'Value');
popup2Value = popup2List{idx};
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