We report our investigation of the electronic and magnetic excitations of SrNiIrO by resonant inelastic x-ray scattering at the Ir L edge. The intra- electronic transitions are analyzed using an atomic model, including spin-orbit coupling and trigonal distortion of the IrO octahedron, confronted to {\it ab initio} quantum chemistry calculations. The Ir spin-orbital entanglement is quantified and its implication on the magnetic properties, in particular in inducing highly anisotropic magnetic interactions, is highlighted. These are included in the spin-wave model proposed to account for the dispersionless magnetic excitation that we observe at 90 meV. By counterbalancing the strong Ni easy-plane anisotropy that manifests itself at high temperature, the anisotropy of the interactions finally leads to the remarkable easy-axis magnetism reported in this material at low temperature.

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