Investors seeking momentum may have India 50 iShares ETF (INDY Quick QuoteINDY - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of INDY are up approximately 55.3% from their 52-week low of $33.00/share.

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

INDY in Focus

The underlying Nifty 50 Index measures the equity performance of the top 50 companies by free float market capitalization whose equity securities trade in the Indian securities markets.. The expense ratio is 0.90%.

Why the move?

Indian shares hit all-time highs thanks to gains in technology and some telecom stocks. The country's economy likely recovered in the April-June quarter from a slump last year thanks to improved manufacturing, according to a Reuters survey of economists.

More Gains Ahead?

The fund has a positive weighted alpha of 45.48. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.