Finally blogger give easy way to make read more like wordpress.com, this function only active if you use new post editor. With Jump Breaks you can show just a snippet of your post on your blog's index page. Blogger will insert a "Read more" link to the full post page where your readers can keep reading.
Setting –> Basic –> Choose “updated editor”
There are a couple of ways to insert a "Read more" jump to your posts. If you use the new post editor (available on Blogger in Draft, or by enabling it via the Settings tab), you'll notice the "Insert jump break" icon in the editor's toolbar. Click this icon and the "jump break" will be inserted into your blogpost at your cursor's position.
Want to change the "Read more" text to something more your style? No problem. You can edit the"Read more" text by clicking Layout and then Edit the Blog Posts widget.
One more note, the Jump Break feature does not change how your post appears in your feed. You can configure post feed options by going to Settings | Basic | Site Feed, and editing Allow BlogFeeds.