Hello :) Yes you can say that . " I will be at home reading some gripping novel. " It is even better to say it so !

There are no gerunds involved here. 'Reading' is a present participle, and 'gripping' is a present participle being used as an adjective. The main problem, though, is that your original sentence "I will be at home and read some gripping novel" is incorrect. You could say, for example, 'I will go home and read some gripping novel'. This is a shortened version of ' 'I will go home and [I will] read some gripping novel'. The base form 'read' is part of the verb phrase 'I will read..', where the 'I will' is understood, because it's the same as in the first part of the sentence. The problem with your original sentence is that there is a mismatch between 'I will be' and the base form 'read' - you can't say ' 'I will be home and [I will be] read some gripping novel'. 'I will be at home reading some gripping novel' is fine.

Neither gripping nor reading are gerunds in your example. They are both present participles.