For investors seeking momentum, iShares MSCI India Small-Cap ETF (SMIN Quick QuoteSMIN - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 49.6% from its 52-week low price of $48.11/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:

SMIN in Focus

The underlying MSCI India Small Cap Index is a free-float adjusted market capitalization weighted index designed to measure the performance of equity securities of small capitalization companies whose market capitalization represents the bottom 14% of companies in the Indian securities market. The product charges 74 bps in annual fees.

Why the Move?

Indian shares advanced lately, thanks to likely election optimism. Also, India is setting a global benchmark with its forecasted annual growth rate of 7.3% for the fiscal year ending in March 2024, as quoted on CNBC. Economists are closely monitoring the potential impact of this economic growth on Prime Minister Modi's re-election prospects. Notably, Modi is viewed as a market-friendly leader.

More Gains Ahead?

Currently, SMIN might continue its strong performance in the near term, with a positive weighted alpha of 41.40, which gives cues of a further rally.