It has been a banner year for exchange traded funds tracking Indian stock. That much is highlighted by two India ETFs – the Market Vectors India Small-Cap Index ETF (NYSEArca: SCIF) and the WisdomTree India Earnings Fund (NYSEArca: EPI) – residing among the year’s 10 best non-leveraged ETFs.

However, no two India ETFs are exactly the same and there are opportunities with other funds in addition the aforementioned names. Up almost 30% year-to-date, the PowerShares India Portfolio (NYSEArca: PIN) has impressed as well and now may be offering investors another chance to get involved. [PIN-terest for an India ETF]

Prior to Tuesday, PIN had recently pulled back below its 50-day moving average, which could be a sign a buying opportunity is afoot.

“The first two pullbacks to the 10-week moving average after a stock or ETF breaks out are typically low-risk entry points. Volume in PIN has picked up quite a bit over the past two weeks, but the price action has been holding above the 10-week MA (which is bullish),” said Deron Wagner of Morpheus Trading Group.

PIN’s largest sector allocation is a 24.3% weight to energy. A resurgent rupee helps on that front because India imports the bulk of its domestic energy needs.

Although PIN does not feature large exposure to consumer-related sectors, the ETF will likely benefit along with its rivals as consumer confidence in Asia’s third-largest economy improves. After Narendra Modi’s win in the recent national elections, consumer confidence levels in India jumped in the second quarter, lifting the country to the top position globally. [Play India’s Rising Consumer Confidence With These ETFs]

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