What yo want is Collision Detection . I don't think using Cocos2d will be a great idea to use in this case because you want to show elastic and bounce effects which should seem real. For this, what I suggest, is using Box2d which clearly help in showing the effects in a natural way.
Here Collision Detection can be handled in a separate class known as ContactListener . You can study Box2d and ContactListener here . In ContactListener you can generate these effects and this class is very easy to handle.
Two or three months back I used the same to create my game Pogo Jump and believe me I was very easy to work on Box2d . Good luck..!
Heye , you have two options for this , either use box-2d/chipmunk or dont. If you have prior experience with Physics then I would say box-2d/chipmunk would look more realistic.
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