For investors seeking momentum, iShares India 50 ETF (INDY Quick QuoteINDY - Free Report) is probably on radar now. The fund hit a 52-week high, and is up about 24.7% from its 52-week low price of $25.68/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

INDY in Focus    

This ETF provides exposure to the Indian stock market. It focuses on large cap stocks with key holdings in banks and computers-software segments. The fund charges investors 94 basis points a year in fees and has top holdings in Housing Development Finance , ITC and Reliance Industries (see: all the Emerging Asia Pacific ETFs here).

Why the Move?

The Indian ETFs have been an area to watch lately given that the stocks are surging to new record high on the landslide victory of the Prime Minister Narendra Modi in a key state election. Additionally, the Fed’s dovish outlook on future rates hike has renewed optimism in this emerging market fueling large inflows into the country.

More Gains Ahead?

Currently, INDY has a Zacks ETF Rank of 2 or ‘Buy’ rating with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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