Hi Prasanth,

Ofcourse this is possible! The idea is to install an Odoo, which you for example run on port 8069. Then you install a second Odoo which you run on port 8070.
The easiest way is to use a shell script to install Odoo, you can find an example here: https://github.com/Yenthe666/InstallScript/blob/master/odoo_install.sh 
First create a new file:

sudo nano odoo_install.sh

Paste all code from Github in it and then save the file. Now make the file executable:

sudo chmod +x odoo_install.sh

Now execute the script:

./odoo_install.sh

This will by default place your Odoo on port 8070 (if you use my script). Then re-run that script again but first replace this variable:

OE_PORT="8070" 

Change that port from 8070 to 8080 or any other free port. After both installs are done you will have two Odoo's running on two ports.