I'm an Indian passport holder with Bulgarian Visa. So is it possible to travel to Italy with a Bulgarian Visa?
Bulgaria has not yet completed joining the Schengen area. Your Bulgarian visa is not a Schengen visa. You will need a Schengen visa to travel to Schengen area countries.
In addition to what Michael says, if you haven't applied for any visas yet, you might want to get a Schengen visa. It will allow you to travel to the 26 Schengen states plus Bulgaria and a few other countries including Croatia and Mexico.
As a footnote, you might want to consider getting a longer travel insurance if your travel and financial records are good, you might be issued a longer validity Schengen visa, so more time to travel.