Found good way to convert from and to HSV in HLSL. Source - http://ploobs.com.br/?p=1499.

gistfile1.cpp

float2 halfPixel;
float4 toAdd;
float4 toMultiply;

texture cena;
sampler cenaSampler = sampler_state
{
   Texture = ;
   MinFilter = LINEAR;
   MagFilter = LINEAR;
   MipFilter = LINEAR;
   AddressU  = Clamp;
   AddressV  = Clamp;
};

struct VertexShaderOutput
{
    float4 Position : POSITION0;
    float2 TexCoord : TEXCOORD0;
    float2 Pos : TEXCOORD1;
};
VertexShaderOutput VShader( float4 Pos: POSITION, float2 Tex : TEXCOORD)
{
  VertexShaderOutput output;
    output.Position = float4(Pos);
    output.Pos = float4(Pos);
    output.TexCoord = Tex - halfPixel;
    return output;
}

float3 Hue(float H)
{
    float R = abs(H * 6 - 3) - 1;
    float G = 2 - abs(H * 6 - 2);
    float B = 2 - abs(H * 6 - 4);
    return saturate(float3(R,G,B));
}

float4 HSVtoRGB(in float3 HSV)
{
    return float4(((Hue(HSV.x) - 1) * HSV.y + 1) * HSV.z,1);
}

float4 RGBtoHSV(in float3 RGB)
{
    float3 HSV = 0;
    HSV.z = max(RGB.r, max(RGB.g, RGB.b));
    float M = min(RGB.r, min(RGB.g, RGB.b));
    float C = HSV.z - M;
    if (C != 0)
    {
        HSV.y = C / HSV.z;
        float3 Delta = (HSV.z - RGB) / C;
        Delta.rgb -= Delta.brg;
        Delta.rg += float2(2,4);
        if (RGB.r >= HSV.z)
            HSV.x = Delta.b;
        else if (RGB.g >= HSV.z)
            HSV.x = Delta.r;
        else
            HSV.x = Delta.g;
        HSV.x = frac(HSV.x / 6);
    }
    return float4(HSV,1);
}

float4 PShader(VertexShaderOutput input) : COLOR
{
    float4 cen = tex2D(cenaSampler ,input.TexCoord );
    return HSVtoRGB(toMultiply * RGBtoHSV(cen) + toAdd);

}

technique Normal
{
	pass P0
	{
		VertexShader = compile vs_3_0 VShader();
		PixelShader = compile ps_3_0 PShader();
	}
}