What is the right mutual fund?

Right? In what sense?

There are mutual funds for about any and every category.

Right is dependent upon your tolerance for risk.
You can buy into a conservative mutual fund or an agressive mutual fund which is a higher risk.

Look at websites like Fidelity, Vanguard, T Row Price...
These are no load mutual funds with loads of information on their websites.

Read as much as you can to obtain some backgroud.

The general recommendations are
1. Diversify (Don't put all your eggs in one basket.)
2. Buy no-load mutual funds (Why pay commission to someone when you can buy an equivalent product for no-load?)

right for what? I tend to like index funds that have low fees and no load. Vanguard has an index fund for practically every investment objective.

Thats something only you can decide based on your objectives and how much risk your willing to take. Once you know those basics, you can start researching funds that offer that type of risk and return. It also depends on how you want to diversify your portfolio. Once you have an idea of what type of fund you like and want, go to Morningstar and do some research.

go for reliance mf

If I had to put all of my money in one mutual fund it would be the Gabelli Asset Fund (GABAX). This fund is up almost 29% in the past year! This fund has over 400 common stocks and it's style is value. There are no loads and expenses and you can get in with $1000.
To answer your question! The right mutual fund depends on you. Your age your goals and your comfort level for risk.

The fool web site has some interesting comments on mutual funds and offers a premium service which will cost you $30. The information there should be sufficient to point you in the right direction.

Now mutual funds do come with risk, and they are not particularly exciting. You put your money in and after 20 years you may have a sizeable chunk of cash. However, you could decide to split your funds putting half in mutual funds and looking for a better return with the rest.

Although this method will not appeal to everyone, a system that has returned 49%p.a. over the past 15 years is definitely worth a look. The Stocks Monthly System shows you exactly which stocks to Buy, When to Buy and When to Sell. You just follow the system. If you had done exactly this for the past 15 years $10,000 would have grown to $4M. Not bad for a simple easy to understand system.

You probably should do some research first on what your objectives are and how to best balance between funds. One good web site where you can get a lot of historic information on a fund is called fundmojo. You can also see what others are holding as well. Hope it helps you to find good funds.