If you mean "punch" as in "hit someone," then just throw a short punch (mime it, don't actually hit someone -- unless you really mean it. No, wait. Don't hit anyone. We live in a litigious society.)
If you mean "punch" as in a diabetes inducing beverage then use the sign for DRINK. So, you could sign FRUIT DRINK and it would be interpreted as "fruit punch." If for some strange reason you need to indicate that it is an actual "fruit drink" (as in a blended fruit drink) you could sign TRUE FRUIT (as in "real fruit").
DRINK:
The above version is definitely a verb form. (See how the movement is a bit exaggerated?) To do it as part of the compound "fruit punch" you do a much smaller, quicker movement (without the eye gaze).
If you mean "punch" as in "punch a ticket" you should start with a loose "C"-hand and quickly change it to an "S"-hand then relax the hand (as if you were holding a hole punch and punched a ticket). Yes, yes, I know it is complex, but practice a bit and you'll get it.
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