For investors seeking momentum, PowerShares India Portfolio (PIN Quick QuotePIN - Free Report) is probably on radar now. The fund hit a 52-week high, and is up about 26% from its 52-week low price of $18.26/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 on where it might be headed:

PIN in Focus    

This ETF provides exposure to the Indian stock market. It focuses on large cap stocks with key holdings in energy, financials, and information technology segments. The fund charges investors 80 basis points a year in fees and has double-digit allocations in Reliance Industries and Infosys (see: all the Emerging Asia Pacific ETFs here).

Why the Move?

Indian ETFs have been an area to watch lately given that the stocks are scaling new highs on high hopes for Prime Minister Narendra Modi party in a key state, Uttar Pradesh. Additionally, upbeat GDP data, and the Fed’s dovish outlook on future rates hike has renewed optimism in this emerging market fueling large inflows into the country.

More Gains Ahead?

Currently, PIN has a Zacks ETF Rank of 2 or ‘Buy’ rating with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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