iShares India 50 ETF (INDY Quick QuoteINDY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 23.8% from its 52-week low price of $43.60/share.

Are more gains in store for this ETF? Let us 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.

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. The product charges 89 bps in annual fees.

Why the Move?

India's potential for growth makes it an attractive choice for investors. Strong private consumption is a plus for the fund. Additionally, an increasing workforce population and a surge in new business establishments are favorable. Prime Minister Modi’s win of the third term has finally boosted the stock market, though it initially slumped during the announcement of the election results.

More Gains Ahead?

Currently, INDY has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 21.53, which gives cues of a further rally.