Should I invest in Mirae Asset Emerging Bluechip Fund?

I am a 20-year-old CA student. I want to invest Rs 2,000-3,000 per month through SIP. My risk profile is moderate. My aim is to have savings of Rs 5 lakh in 3 to 5 years. Where should I invest?

I thought of investing in Mirae Asset Emerging Bluechip Fund, but I have been observing that on the 1st of every month, the NAV of all the schemes shoots up and around 15th or 20th of the month, the NAV falls. So should I shift my SIP date between 1st to 20th?
--Rushabh Shah

Jitendra Solanki, Founder, JS Financial Advisors, responds:

If your investment horizon is 3 to 5 years, you should avoid investing in equity mutual fund schemes. You should have an investment horizon of at least 7 to 10 years to invest in equity mutual fund schemes.

You may consider investing in equity saving schemes. These funds invest around 20-40 per cent of the corpus in equity and the balance in debt and arbitrage. You can expect 9-10% returns from this category. You can look at ICICI Prudential Equity Savings Fund or Kotak Equity Savings Fund.