Individuals in Greece will vote on a referendum that will either say "Yes" or "No" to proposals by creditors of the country on July 5.

Analysts fear that a "no" vote by individuals in Greece and hardening of stance by the creditors would mean that there is a possibility of Greece exiting the eurozone. The fear is that if it does so, there could be a contagion, especially as there are many European countries like Spain and Portugal that are heavily in debt. If it results in the crisis spreading to other regions in Europe, it will be catastrophic for the entire eurozone.

Indian stocks could fall and fall sharply. Here are a few stocks to buy in case events in Greece take a turn for the worst and could limit the damage in your portfolio.

HDFC Bank

This is one stock that virtually every analyst can guarantee want collapse like the market. It is a favorite of domestic institutions, including mutual funds and foreign funds. Should the markets see a deep fall, there could be a small correction in the stock of HDFC Bank. It is one stock that can withstand a sharp downturn in the market.

The shares of HDFC Bank were up 0.41 per cent at Rs 1071 on the National Stock Exchange on Wednesday.

DR Reddy's Labs

This is another stock that hardly ever sees a sharp correction. For risk averse investors it would be a good opportunity to buy into a quality stocks like Dr Reddy's. In the past the stock on account of its strong fundamentals has remained pretty resilient in times of sharp downturn in the markets. In any case, pharma stocks are also considered as defensives by the market.

Hindustan Unilever

Shares in HUL have rallied quiet a bit in the last few trading sessions. Nonetheless, if you want to shift from volatile sectors like banking, capital goods., fearing a Greece crisis, you can move money into Hindustan Unilever.

FMCG stocks are again considered as defensive bets. Don't see much damage being done to the HUL stock in case there is a crash in the markets.

GoodReturns.in