Don't try to blend in a spot on your hood. It will look like crap in no time. You need to repair the area and clear coat the whole hood.
The proper way to fix that is to first repair the chip and spot prime it, then lightly sand the whole hood with 1000 grit making sure that everything is dull looking so that you get proper adhesion. Then you spray a little base coat over your repaired area and clear the whole hood. You don't actually spray base coat over the whole hood, only the repaired area. I am the painter at a dealership and we would charge roughly $250 to repair something like that.
If you don't want to spend that much, I would put a dab of touch up paint in the chip and then put a dab of clear coat over that to fill the chip. Let it dry really well and then sand it down with 2000 grit followed by 3000 grit and buff it out. I just fixed a chip on my door using this method and you can't tell it was ever there. We do that all the time for around $50 and customers have been very happy with the results. Any decent body shop should be able to help you out.
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