As per my understanding the MF - NAV does not matter & should be the least of all concerns while investing in a mutual fund. Here's some of my reasons -

Just think - What is it that makes the NAV of a mutual fund fluctuate daily. Is it the past value of the NAV? No.
You need to understand one thing very clearly that a Mutual Fund's PORTFOLIO decides the returns, not the low NAV/High NAV or past/last NAV.

If the MF portfolio is good, you will automatically see the NAV appreciation. If a portfolio is bad, your NAV will go nowhere, irrespective of whether it is "High" or "Low".

Now just think in percentage terms -

Let's assume that you are looking at two funds. Further assume that both the funds have only one stock in their portfolio.

The NAV for Fund 'A' & Fund 'B' in our expample is, say, 100 & 1000. Now, you want to decide in which of the 2 funds to invest in. Your thinking goes this way."I have Rs.10000 to invest. If I buy Fund A, I would get 1000 units but if I buy Fund B, I would get only 100 units. Surely, I am better off investing in Fund 'A' because I get more units." Let's see what happens the next day.

The lone stock in both the funds appreciates by, say 10%. What happens to the NAVs? Fund A's NAV will now be Rs.110.0 while that of Fund B will be Rs.1100!

How much has your investment appreciated in one day? In both cases, it is exactly 10%, no more no less. It would have made no difference if you had invested in Fund A or Fund B!

Hope you got the idea! So, just look at a funds performance & portfolio rather than the NAV if you want to invest in the Growth Option.