We see that NSE publishes stocks in which MWPL has been reached and I have heard that opening new contracts will attract penalties before offsetting their positions.
If I wish to take position on following day, will I be getting penalty as well. If so, is there a way to find when we can start placing orders on the following day.
Ideally if the MWPL is hit, NSE bans the F&O contracts and the brokerage where you trade will block taking new trades in the F&O contracts, you are allowed to exit existing positions. But there is no restriction on trading the actual stock/equity.
You will be able to trade only once it is off the ban list. You will be able to see the exchange messages on your terminal which will show when any F&O is put on ban or removed from it. Also check this: http://tradingqna.com/3391/stock-futures-under-secondly-short-scrip-will-happen-incase
To add to Nithin’s answer, you can also take new positions by closing the current month contract and taking new contract of next month. This is called rollover. But you may not be able to do this directly from your trading terminal, you need to call your broker and ask them to enable it for your client id.