For investors seeking momentum, WisdomTree India Earnings ETF (EPI Quick QuoteEPI - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 37.6% from its 52-week low price of $30.80/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:

EPI in Focus

The underlying WisdomTree India Earnings Index is a fundamentally weighted index that measures the performance of companies incorporated and traded in India that are profitable and that are eligible to be purchased by foreign investors as of the index measurement date. Weighted Index based on their earnings in their fiscal year prior to the Index measurement date adjusted for foreign investors. The product charges 85 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, EPI might continue its strong performance in the near term, with a positive weighted alpha of 31.80, which gives cues of a further rally.