No, HTML does not allow nested links, Links and anchors defined by the A element must not be nested; an A element must not contain any other A elements.
Since the DTD defines the LINK element to be empty, LINK elements may not be nested either.
See the below example, this is not allowed in HTML
<a href="#">
<a href="#" >Link 1</a>
<a href="#" >Link 2</a>
</a>
The above example is not valid, nested links are not allowed in HTML