Have I selected the right funds?

I have recently started investing in the following funds (all direct and growth plans):
DSP BlackRock Small and Mid Cap Fund: Rs 2,000
ICICI Prudential Balanced Fund: Rs 1,000
HDFC Balanced Fund: Rs 1,000
L&T Emerging Businesses Fund: Rs 500
L&T Midcap Fund: Rs 1,000
SBI Magnum Multicap Fund: Rs 1,000
Aditya Birla Sun Life Top 100 Fund: Rs 1,000
I want to invest for a long term and I am also ready to bear the risk. I want to know whether I have selected the right funds? Should I continue with these funds or is there any correction required? Within a few months, I will increase my SIPs (Rs 2,000). Should I invest in the existing funds or pick new funds?
--Darshan Thakkar

KishorKumar Balpalli, Founder and CEO, MyMoneySage.in, responds:

It is good to know that you are investing in direct plans. I would suggest you to not to add any more funds to your portfolio. However, please note that the correlation of the funds in your portfolio is very high. It is important that you bring it down.

You can do so by replacing HDFC Balanced Fund and SBI Magnum Multicap Fund with a gold fund and an international equity fund.