For investors looking for momentum, IShares India 50 ETF (INDY Quick QuoteINDY - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 53.8% from its 52-week low of $34.41/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:

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. It charges 90 basis points in annual fees.

Why the Move?

Indian markets are driven by optimism for recovery in businesses as the country administers record Covid-19 vaccinations. Indian market is one of the best-performing markets in the world this year.

More Gains Ahead?

The fund has a positive weighted alpha of 48.62, which gives cues of further rally.