The nihilist, in the anus sense the term, only rejects all modern values, including, christian, islamic and jewish ideas as well. But ancient values such as national pride are embraced. A nihilist is not necasserily without value, only without modern value. It is not the same as nationalism, as much nationalism carries without an amount of racism and racial superiority. But it does have many similarities, such as a rejection of multiculturalism and national pride.
This is the more heroic side of metal culture, there is the other side, best illustrated by death metal, which is a total rejection of any meaning in life at all, which it can be argued has no grounds in nationalism at all, only nihilism.