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Why India ETF (NASDAQ: INDY) should be under investors’ radar

Why India ETF (INDY) should be under investors' radar

As exchange-traded funds (ETF) continue to gain popularity globally, certain funds like the iShares India 50 ETF (NASDAQ: INDY) are standing out with impressive performance.

The fund, which measures the equity performance of the top 50 companies by free-float market capitalization as of September 1, hit a new 52-week high.

By press time, INDY’s share was trading at $51.30, representing gains of 55.4% from the 52-week low of $33 per share. Currently, the fund’s expense ratio is 0.90% which has gained over 10% on a year-to-date basis.

The fund’s gains, potentially reflect the general outlook of the country’s economy.

Indian shares have hit an all-time high powered by a rally led by superior technology and telecom stocks. Furthermore, the stocks are reaping from the recovering Indian economy that has been on the rise since April.

INDY captures large-cap Indian equities by tracking the Nifty 50 Index, which holds a concentrated portfolio of 50 blue-chip companies traded on India’s National Stock Exchange. These companies account for over 50% of the Indian companies by market capitalization.  

The fund is projected to register additional gains with the recent gains considering it has a positive weighted alpha of 45.48. 

INDY shares price overview

An overview of the price shows that INDY shares have formed a support zone from around $47 due to a combination of multiple trend lines and important moving averages in multiple time frames.

In the last month, INDY has a been trading in the 47.88 – 51.24 range, which can be considered wide. 

Furthermore, INDY shares have traded within a narrow two-point range since early June. Besides the 52-week high, the fund had tracked the 50-day MA before breaking away to close at a record high in early August.

INDY ETF price history. Finviz.com

Currently, INDY has an impressive technical rating, and prices have been extended in recent weeks with investors looking out for any consolidation. 

For investors in the ETF market, the gains made by INDY in recent weeks offer a potential investment opportunity.

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