Investors seeking momentum may have First Trust India NIFTY 50 Equal Weight ETF (NFTY Quick QuoteNFTY - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of NFTY are up approximately 19.6% from their 52-week low of $40.74/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.

NFTY In Focus

The underlying NIFTY 50 Equal Weight Index is an equally weighted index that tracks the performance of the 50 largest and most liquid Indian securities listed on the National Stock Exchange of India. The fund charges 80 bps in fees.

Why The Move?

With the International Monetary Fund (IMF) boosting its growth forecast for India to 6.1% in 2023 (up a 0.2 percentage point from April), the country is poised to become the world's fastest-growing major economy this year.

This outstanding growth projection is attributed to India's strong performance in the fourth quarter of the previous year, driven primarily by domestic investment. As the global economic landscape undergoes significant changes, India's emergence as a bright spot for growth is garnering attention.

More Gains Ahead?

The fund has a positive weighted alpha of 11.61. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.