For investors seeking momentum, iShares India 50 ETF (INDY Quick QuoteINDY - Free Report) ) is probably on the radar now. The fund hit a 52-week high, and is up about 24.7% from its 52-week low price of $31.04/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 financials, information technology and energy. The fund charges investors 92 basis points a year in fees (see: all the Emerging Asia Pacific ETFs here).

Why the Move?

After a month-long multi-phase election, which spanned from Apr 11 to May 19, prime minister Narendra Modi-led Bharatiya Janata Party (BJP) has secured the second term. Since Modi is viewed as a market-friendly leader, India’s key equity gauges SENSEX and Nifty crossed 40,000 and 12,000 for the first time and led to gains in this ETF.

More Gains Ahead?

Currently, INDY has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, the fund has a positive weighted alpha of 12.80, which hints at more gains. So, there is definitely some promise for those who want to ride on this surging ETF a little longer.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>