Depending on your risk profile and time horizon, you could choose between small/mid cap funds or large cap funds.
If your Risk Profile is Average and Time Horizon is around 4 - 5 years, Large Cap Funds would be a good idea. I like the following funds in this space:
- ICICI Prudential Focussed Blue Chip Equity
- DSP Blackrock Top 100
If you want to increase risk to above average levels and have a longer time horizon, the following Small/Mid Cap Funds are great investments:
- ICICI Prudential Discovery
- HDFC Midcap Opportunities
- IDFC Premier Equity (Plan A)
Stick your MF investments at a maximum of 5 funds and make sure the styles don't overlap. Otherwise its pointless to have 2 funds with the same investment mandates that also invest in perhaps the same stocks. For your investment amount per month, a maximum of 3 funds is sufficient.