How can I hide certain values of CCK on node view page? When a cck field can have multiple values I would like to hide certain values to print on node template.

For example, 
If field_example has the value "red" "blue" "yellow" "black" "white"  I need to hide "black" and "white" and print only the rest on template file.
You can use the Field Permission module. It allows to give different access rights to different roles per field.