Is there any limitation on keeping outbound links in a blog content? If I put more than 4 outbound links in a blog content, will it be considered a negative point for SEO Process?
4 additional outbound links on a page is not going to negatively affect your SEO. I'd bet if you count, you probably have 50+ links on a typical page on your site between the header, category links, recent post links, recent comment links, etc... As an example, going from 50 to 54 means you're passing about 1.85% of the page's link juice out on each outbound link instead of about 2%. It's NOT going to make a noticeable difference at all.
I agree with Canonical.....4 is great....but when you start spamming the outbound links it looks funny to the Search engine. Plus the passing of page rank is a big deal. I try not to have more than 2 out bound links.
trosquin is right, but its hard to say what the magic number is. The fact is that the more links you put the less juice that each link will get so considering this you should put as few links as possible.