In 2-quart saucepan, combine pudding mix, granulated sugar, brown sugar, evaporated milk, and butter. Cook and stir over medium heat until mixture boils (about 12 minutes). Clip a candy thermometer to side of pan. Reduce heat to medium-low; continue boiling at a moderate, steady rate, stirring frequently, until thermometer registers 234 degrees F, soft-ball stage (8 to 10 minutes). Remove saucepan from heat. Remove candy thermometer.
Stir in pecans. Beat with a wooden spoon until candy just begins to thicken but is still glossy (about 3 minutes). Working quickly, drop by teaspoonfuls onto prepared cookie sheet. (If candy sets up too much, add a few drops of hot water and stir until smooth again.) Let stand until firm. Makes about 30 pieces.