[bhattid]

When a superconductor interacts with a magnetic field, currents generate at the surface of the superconductor that will produce their own magnetic field, which cancels the external one. The superconductor doesn't fall out to the sides because the field gets cancelled and there's no net force acting on the conductor.

There can still be torque (i.e. rotations) for type I superconductors, and type II superconductors when they're fully superconducting. I'm not familiar with how the specific dynamics work though - I'm guessing it's related to gravity?