If this position is wrong? and when bringing the weight down, Do i need to rest bar on my chest slightly?
This position is as much wrong as it is correct.
If your goal is pure hypertrophy or you want to focus more on just the pecs and shoulders this type of 'style' is better also it does not have much impact on your spine. Please take care to keep the elbows closer to your body then the guy on the Image as it is healthier for your shoulders.
If your goal is strength, you should consider a different 'style' and treat the bench press as a whole body movement. Therefore you have to use your legs and a tight back. There are a lot of different youtube Videos out there and you should find the correct form for you.
The truth is actually quite simple – both ways can be valuable in your training, depending on your goal... http://angrytrainerfitness.com/2012/01/fitness-fact-or-fiction-bench-press-feet-up-or-down/
In general there is no prescription on what the correct form is, try to find it out for your goal and body and work on it.
The important part is to always think of shoulder and back development too, as people nowadays neglect the body Parts that are not visible in the mirror, but are important for muscular balance and health.
- This form is wrong because your stability is bad. It's very important to keep a stable & core-involved position during your bench press, which means contracting your abs and keeping your feet on the ground, pushing through your heels. Personally, I can affirm that my bench quickly improved by about 10 pounds since I started following this approach.
- It depends on your goal. If you're training goal is developing pure strength, it may help, but then your should consider doing dead press (here's a video example). If your main goal is hypertrophy, there are better approaches.