Hi thanks for your question.
Since the swelling is reducible,disappears on lying dawn and appears on standing postion.These are features of congential hernia Most probably you are having congenital hernia
what is called as right indirect inguinal hernia.There is nothing to worry. Consult a general surgeon
and get it operated.it is small surgical procedure of about half an hour.Otherwise some day it can lead to intestinal obstruction
Hope this answers your question.