An HC bench of Justice AKM Asaduzzaman and Justice SM Mozibur Rahman passed the order while hearing a rule issued earlier in this regard.
Barrister Sara Hossain, who stood for Shahidul, told reporters that they will now move the bail petition before another High Court bench.
On October 7, the High Court issued a rule asking the authorities concerned to explain within seven days as to why Shahidul should not be granted bail in the case.
He filed the bail petition with the HC on August 28.
Detectives arrested Shahidul from his Dhanmondi residence on August 5 and the case was filed against him with Ramna Police Station on August 6.
Police claimed that he spread propaganda through his Facebook account during the student movement demanding safe roads.