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Can I sell stock next day?

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Yes, if you have bought stock and taken delivery, you can Sell your stocks the next day, while your stock will be showing T+1 status in your demat account. This is called Buy Today Sell Tomorrow-BTST trades.
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Yes. But depending on stock you bought like for example you cannot sell stock which are in Trade 2 Trade segment.
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Yes, you can sell stock next day provided the allotment happens immediately. There are few stocks which while buying very clearly states that untill the stock is allotted which might take upto 48 hours, cannot sell the stock next day
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