Hi , thanks for the inputs.
From the details and symptoms I am quiet sure its a Ganglion.
Ganglion cysts are among the most common benign soft-tissue masses. Although they most often occur on the wrist, they also frequently develop on the foot – usually on the top, but elsewhere as well. Ganglion cysts vary in size, may get smaller and larger, and may even disappear completely, only to return later.
Ganglions are small sacs (cysts) filled with clear, jellylike fluid. They often appear as bumps on the hands and wrists, but they can also develop on the feet, ankles, knees, or shoulders. A ganglion can grow out of a joint capsule, which surrounds and protects the joint, or out of a tendon sheath, which covers the tendon (the rope like fibers connecting muscle to bone). Most people with ganglions notice that the bumps appear suddenly.
Although the exact cause of ganglion cysts is unknown, they may arise from trauma or physical activity– whether a single event or repetitive micro-trauma.
Monitoring, but no treatment. If the cyst causes no pain and does not interfere with activities, the surgeon may decide it is best to carefully watch the cyst over a period of time.