For investors seeking momentum, Direxion Daily MSCI India Bull 3x ETF (INDL Quick QuoteINDL - Free Report) is probably on radar now. The fund just hit a 52-week high of $77.68. Shares of INDL are up roughly 89.5% from their 52-week low price of $41.00/share. 

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

INDL in Focus

The fund looks to track the performance of the large- and mid-capitalization equity securities of the Indian market. The fund charges 129 bps in total fees (see all Leveraged Equity ETFs here). 

Why the Move?

India ETFs have been firing on all cylinders this year on economic optimism. Solid GDP data defying demonetization, the win of the pro-growth prime minister’s party in some key states and subdued U.S. Treasury bond yields driving foreign inflows benefited India investing.

Recently, India VIX, the measure of market volatility plunged to its lowest level lately since inception. As per some analysts, domestic investors are propelling Indian equities amid deteriorating returns from property and gold.

More Gains Ahead? 

The fund has a positive weighted alpha of 84.92. A positive weighted alpha hints at more gains. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

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