For investors seeking momentum, Columbia India Consumer ETF (INCO Quick QuoteINCO - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 26.65% from its 52-week low price of $43.16/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 of where it might be headed:

INCO in Focus

The underlying Indxx India Consumer Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the consumer industry in India. The fund has an exposure of 57.37% and 42.6% to the consumer discretionary and consumer staples sector, respectively. The product charges 75 bps in annual fees (see: all Emerging Asia-Pacific ETFs).

Why the Move?

The upcoming festive season in India has resulted in economic indicators pointing toward robust consumer spending. Sales of retail and e-commerce companies have surged on festive season sale. Commencement of the cricket world cup in the country, coinciding with the festive season, is anticipated to provide a brief economic stimulus as consumers splurge majorly in the hospitality and tourism sectors.

IMF recently raised its GDP growth forecast for the country, which is also a positive for the fund.

More Gains Ahead?

Currently, INCO has a Zacks ETF Rank #3 (Hold) with a High risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 11.6, which gives cues of a further rally.