WAWA:
I'm not an auto painter or an expert in paint repair but I'll tell you what has worked for me when using touch up paint (small bottle w/ brush kind of paint):
a. Use both the base color and a clear coat for your repairs. You'll need the clear coat on top of the base color in order to get the repair close to the original finish; otherwise the repair will be slightly off in color and/or shine and may even be more noticeable than the chipped paint depending upon the color and primer color on your car.
b. Clean the area to be repaired very well in order to remove any wax or loose paint that may interfere with the paint sticking to the hood.
c. Lightly sand the immediate area to be repaired if necessary (the exposed primer or bare metal) with a very, very fine sandpaper. Be careful not to sand beyond the immediate chipped area or you'll find yourself with a larger repair and more work than you planned for.
d. TIP: I use a "polishing kit" for plastic car models from Detail Master (about $12 - $15 at hobby shops) as a source of sandpaper. This kit has a variety of small Mylar backed sanding sheets of 3,200 - 12,000 grit and does a great job of "polishing" the paint. I use the very tip of a sanding sheet to get into the chipped area and apply pressure with the eraser end of a pencil.
e. Once cleaned, apply a small amount of paint to the chipped area for color coverage. If the chip is deep, apply a 2nd coat once the first coat is dry. The goal is to have sufficient paint to color the chipped area without applying too much so that the paint rises above the surrounding paint surface.
f. Now apply one or more layers of clear coat lightly sanding between layers. The eventual goal is to have the final layer slightly above the level of the surrounding paint. Let this layer fully cure and then sand it level to the surrounding paint layer while polishing the clear coat to the final finish you desire. The finished surface should be level with the surrounding paint while at the same time as "shiny" as the original paint/clear coat combination.
g. Add wax and you’re done!!
Good luck!!