The concept of Parliamentary Sovereignty has dogged the Courts ever since the Judiciary started gaining importance as a branch of the State. Whether Courts are supreme, or whether Parliament is sacrosanct is something several judges have struggled with in the past, and will continue to do so in future.
In India, it has been readily accepted by Courts that Parliament reigns over all areas of law, except for the Constitution, which is jealously guarded by the Court. Thus, while legislation may nullify the effect of a Supreme Court judgement in any other area, the basic structure doctrine of the Constitution laid down in Keshavananda Bharati and upheld in succeeding judgements means that a judgement of the Supreme Court in the realm of Constitutional law isn't as easily circumvented.
Law cannot nullify a Supreme Court Judgment,but many times (not every time) it may nullify the effect of a judgment by Supreme Court/High Court.The effect of judgment can be nullified by rectifying the illegality pointed out in the judgment.
There are two instances where law can nullify the effect of a judgment
If a law/ordinance is enacted or reenacted in the above case against SC/HC judgment ,SC and HC may (if it is against the Constitutional interpretation of SC or if it was previously striked down by SC, the HC shall) strike it down again and such law would deemed to be void ab intio.
But parliament may under Article 368 amend the Constitution after following the special procedures and nullify the effect of such judgments by removing the reasons for such laws to be against the constitution.
Such an amendment shouldn't be against the Basic Structure of constitution ( Keshavananda Bharati Judgment ) .
If Supreme Court finds that the amendment is against Basic Structure of Constitution it can strike down such a constitutional amendment. Eg: NJAC Act (99th Constitutional Amendment Passed by the central legislature with 100% votes and ratified by majority of state legislatures in India) was strike down by Supreme Court as being against the Independence Of Judiciary.
So Parliament reigns over all areas of law, except for the Constitution, which is jealously guarded by the Court because it is finally Supreme Court who decides what is the Basic Structure of Indian Constitution and no amendment of Constitution can be against Basic Structure Doctrine.