Exchange traded funds holding Indian equities are among the best-performing emerging markets funds this year. Not only do India ETFs lead their BRIC counterparts by significant margins, but two India ETFs, the Market Vectors India Small-Cap Index ETF (NYSEArca: SCIF) and the WisdomTree India Earnings Fund (NYSEArca: EPI), rank among this year’s 10 best ETFs of any stripe.

India ETFs have recently shed some gains, though not much, indicating that pullbacks in these sometimes volatile funds have generally been shallow this year. For example, EPI resides just 2.9% below its 52-week high. [India ETFs Aren’t Done Yet]

Another large-cap focused India ETF within striking distance of its previous is the PowerShares India Portfolio (NYSEArca: PIN). With PIN sitting just half a percent below its 52-week, now could be the time to consider the ETF.

PIN “cleared the downtrend line of the current consolidation on Monday after finding support at the prior swing low on 8/7. Volume picked up on a test of the 50-day MA on 8/15, and was just above average the following day on the 8/18 breakout,” notes Deron Wagner of Morpheus Trading Group.

PIN has surged 32% year-to-date. 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. [A Buying Opportunity in an India ETF]

Wagner added he is keeping an eye on PIN for a new entry with a target just below $26, “where there is resistance from prior highs in 2008 and 2010.” A move to $26 by PIN would represent upside of just over 17% from Wednesday’s close.

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