Manual Place Tool
Inside the Punch tab, navigate to the Manual Place Tool icon.
When you switch to this mode, the Tools mounted in the turret window appear, and you can pick the tool to use.

As you move the mouse over the drawing, the tool outline is shown; you can position the tool precisely using geometric snaps and click to place the tool. If you are positioning an indexing tool, you can type in the punch angle into the Angle input box and click to position at the specified angle. You can also place a tool by typing in the X and Y inputs and pressing Enter.
When you pick up a tool in this mode, the tool is held by the punch centre. However, it is often more useful to position an edge or corner of the tool relative to some geometry. To drag the tool by one of its edges, click the right mouse button or press the PgUp key. The tool’s outline gets locked in place, and you can move the mouse around its edges to pick a new reference edge. As you are picking a reference edge, you are also picking a reference corner. When the appropriate edge/corner is selected, click again to start dragging the tool. Now, as you move close to some geometry, the selected reference edge is snapped to the geometry (the tool is rotated to the required angle if it is in an indexing station).
You can also hold a tool by the midpoint of an edge. If you are holding an indexing tool by the midpoint of a curved edge, that curved edge will be placed tangential to any geometry you select. To work with a tool that already exists in the part, just select any random tool from the Tools mounted in the turret window. Then, hold down the ALT key and click on some punch tooling in the part; the tool used by that punch will be picked up for use.