India ETF Could Be Poised To Breakout

With two new India-specific small-cap ETFs coming to market recently, attention may be briefy shifting away from the large-cap ETFs that track stocks in the world's second fastest growing major economy.

Well don't sleep on the PowerShares India ETF (NYSE: PIN). PIN has been consolidating in a higher range for several weeks now and looks poised to breakout if it can conquer the high $22 area.

That may not happen today as PIN isn't a volatile move and the volume may not be there on a summer trading day to lift the ETF 70 cents or so, but a fine buy entry can be had around $23 as that would confirm a breakout.

PIN allocates almost 27% of its weight to materials names, 16.5% to energy names and over 15% to software makers.