Could these be the best 4 blue chips for your portfolio right now?

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Thanks to the recent lacklustre reporting season, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped from a recent high of 5,611.2 points to trade around 5,420 points – a fall of around 3.4%.

And a number of blue chip companies have seen their share prices sink much lower.

History has shown that the best time to buy is when prices are low.

It simply makes sense.

Buy low, sell high.

While share prices may well go down, or continue to display high levels of volatility, now could be the perfect time to buy shares ‘on the dip’ as they say. Here are 4 blue chip companies that could see your portfolio beat the market over the next decade.

CSL Limited (ASX: CSL)

CSL’s share price is down 10.8% in the past month from a high of $121.25 and is trading around $108.11 currently. The biopharmaceutical company develops treatments from blood plasma as well as making vaccines. CSL has had a stellar decade, returning 23% to shareholders on average. The low Australian dollar is a nice tailwind too, with almost all of the company’s revenues generated offshore.

REA Group Limited (ASX: REA)

The owner of is much more than just Australia’s largest and leading online real estate website. REA Group has expanded successfully offshore and the acquisition of iProperty Group Ltd late last year gives the group access to Asia’s rising middle class. At the current share price of $58.71, investors are being offered an 11% discount to the company’s 52-week high price of $65.77 set just over a month ago. For a high quality company like REA still generating double-digit earnings per share growth, the current price is very tempting.

Woolworths Limited (ASX: WOW)

Sure to be a controversial pick, but there are green shoots emerging from the turnaround of the giant supermarket retailer. As the company noted, supermarket same store sales went from negative in the previous five quarters to rising by 0.3% in the first 8 weeks up to 21 August 2016. The exit from home improvement may be bumpy, but will stop the flood of red ink impacting on financial results and there could be more divestments, including the petrol station portfolio and even a partial divestment of the Endeavour drinks business. The current share price of around $23.52 may look like a bargain price in a few years’ time.

Telstra Corporation Ltd (ASX: TLS)

Australia’s giant telecommunications group Telstra has seen its share price drop 8% from above $5.70 to the current price of $5.26 and now boasts a 5.9% fully franked dividend yield. If you ever wanted a solid blue chip paying juicy dividends, Telstra is it, and you are even getting a cheaper price to buy in. With data consumption continuing to rise and the ‘internet of things’ providing a huge tailwind, the telco is perfectly positioned to continue generating decent profit growth and paying out lovely fully franked dividends for many years. There are several headwinds too no doubt, but Telstra should still be a core portfolio holding.

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Motley Fool writer/analyst Mike King owns shares in Telstra Corporation, Woolworths, CSL. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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