For investors looking for momentum, Invesco India ETF (PIN Quick QuotePIN - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 47.6% from its 52-week low of $18.50/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed in future:

PIN in Focus

The underlying FTSE India Quality and Yield Select Index is comprised of Indian equity securities traded on regulated stock exchanges in India. The India Index is designed to represent the Indian equity markets as a whole. The India Index has 50 constituents, spread among the following sectors: Information Technology, Health Sciences, Financial Services, Heavy Industry, Consumer Products and Other. It has AUM of $111.3 million and charges 78 basis points in annual fees.

Why the Move?

India’s equity market has been on a tear lately. Easing Covid-induced restrictions, falling COVID-19 cases, healthy earnings and global easy money policy have led to the upsurge. A shift from physical assets and low-yielding fixed-income securities are forcing investors to bet big on equities, per Susmit Patodia, Director, Portfolio Manager at Motilal Oswal Asset Management Company, as quoted on Moneycontrol.

More Gains Ahead?

The fund has a positive weighted alpha of 39.52, which gives cues of further rally.