"No + plural subjects" vs "No + singular subjects"

Should I use plural or singular nouns with no in the following context? What's the difference between two following sentences?

1. No student can do what he can do
2. No students can do what he can do.

I think both are correct. I think the first one means students can't do what he can do. And the second one means a student can't do what he can do. Am I right? Can someone please tell me the rule?

Note that the person referred to here as he is not a student. And I want to say that He can do something that students can't do.