If I have have some overloaded ostream operators, defined for library local objects, is its okay for them to go to std namespace? If I do not declare them in std namespace, then
The C++ Standard explicitly forbids you from declaring your own constructs in the std namespace.
According to Koenig Lookup (C++ Standard 3.4.2) operator<< will be searched in namespaces of arguments. No need to declare it in std namespace.
It is generally a bad practice to declare anything (types, operators, etc ...) to be a part of a namespace you do not own. This can have unexpected consequences for people consuming your library. A better solution is to define your own namespace and to import both std and your namespace when you need to combine solutions.
operator<<( ..., MyClass ) should go in the same namespace as MyClass. You should think of it as part of the interface of MyClass, even though it happens to be (necessarily) a non-member function.
A couple of references: