The Prime Minister Narendra Modi in his address to the nation on 8 November 2016 announced with immediate effect of Rs.500 and Rs.1000 currency notes will no more be valid after 31 December 2016, it was indeed a bold decision to cease black money and stop the circulation of fake currency notes. But it had an impact on the various other sectors such as Banking, stock market, Real estates, infrastructure etc. so this study focuses on how much impact it had on the NSE and Bank Nifty with the tools such as correlation and technical analysis. The data is collected from the secondary source which is the historical data from the NSE site. The performance of the indices is compared with other five indices of the Nifty.