Indian Benchmark Index Nifty saw a volatile range bound movement between 8024-7953 yesterday. Yesterday being the last day of November F&O series, volatility was high as expected. The major Indian Indices namely Nifty, Bank Nifty and the Small Cap Index are all trading at a major support level. Nifty spot is testing its Brexit low of 7927 made on 24 June 2016. Whereas Bank Nifty is showing a comparative strength since it has not even touched its Trump's low of 18143 made on Nov 9 where the Brexit low was 16946. Small Cap has also joined the group outperforming the benchmark Nifty. Small Cap has tested its Trump low of 5427 and is already up by 200 points from the lows. This shows that the broader market has already started to pick up momentum and an upside rally is just around the corner. We should expect a buying in the December series as RBI might slash interest rates by 50 basis points triggering a short covering rally. Important resistance for Nifty lies at 8140, any meaningful rally would be above this level.FII have been net sellers on the cash markets but past two days there has been some buying in NSE Small Cap Index which has risen up by 200 points from low of 5408. However, FII have ended the month of November with a net selling in the cash market worth Rs. 17023 Cr, the highest single month sell figures for the year 2016.Nifty Dec Futures is expected to open at 8031 as per SGX Nifty at 8:30 am IST, which is 21 points above its previous close of 8010.