Raj, if you have the option to use a relay card (ex. 1762-OW8) then I would recommend that as this will allow you to use the drive supplied 24 VDC to switch for example LI1. Then you would likely need to program LI1 for the drive function you want…to start the drive. Because you are using a transistor based output module you will be feeding the drive directly from the output card. I don’t recommend this, if you have no other option but to use that 1762-OB8 module I would wire the output to a small relay (an “interposing relay” that just need one N.O. contact) then use that “dry contact” to switch the drives +24 VDC to the input you want as shown in your drawing.
Hope that is clear.