Palantir shares are likely to be in the spotlight on Monday after the Nasdaq announced late Friday that the analytics software provider had been added to the Nasdaq 100 Index. Monitor these key chart levels.

Barron’s wrote Friday that Palantir and MicroStrategy led the list of potential adds to the Nasdaq 100. Palantir shifted to the Nasdaq from the NYSE in November to be eligible for inclusion in the Nasdaq 100 at the reconstitution.

A Nasdaq-100 index membership means mutual funds, exchange-traded funds (ETFs), and other financial products based on this index will have to buy shares of Palantir. This increased demand should exert at least some upward pressure on the stock price.

The Nasdaq 100 Index is one of the most replicated indexes by mutual funds and various exchange traded funds (ETFs). Between the two forms of index investing there are hundreds of funds tracking the performance of the Nasdaq 100. This is one of the reasons that it is very beneficial for a company to be included in the Nasdaq 100 Index.

MicroStrategy (MSTR), and Axon Enterprise (AXON) are set to join the Nasdaq 100 Index on Monday, Dec. 23, replacing Super Micro Computer (SMCI), Moderna (MRNA), and Illumina (ILMN), as part of a reconstitution of the index.

Palantir Technologies, MicroStrategy, and Axon Enterprises will join the Nasdaq 100 index as part of its annual reconstitution, replacing Moderna, Super Micro Computer, and Illumina. These changes had been expected because the reconstitution adds companies with the highest markets values in the Nasdaq Composite index that aren’t in the Nasdaq 100

MicroStrategy (NASDAQ:MSTR), and Axon Enterprise (NASDAQ:AXON) will be added to the Nasdaq-100 Index, according to the exchange operator.  To make way for those companies, Nasdaq (NDAQ) said late Friday that Illumina (NASDAQ:ILMN),