In a televised speech on Wednesday, Nasrallah said that a seven-point plan presented by the Lebanese government was the least the country should accept as part of a draft resolution to end the fighting.
He also gave a deeply negative assessment of the plan, saying "the least we can describe this [draft resolution] is as unfair and unjust.
"It has given Israel more than it wanted and more than it was looking for."
Nasrallah said Israeli attacks had not weakened its rocket capabilities and its fighters would turn south Lebanon into a "graveyard" for invading Israeli troops.
"The enemy has failed to weaken our rocket-launching capacity and our guerrillas are still fighting on the frontlines," he said.
Nasrallah further called on the Arab residents of Haifa to quit the Israeli city so as to avoid being hurt by Hezbollah rocket fire.
"I have a special message to the Arabs of Haifa, to your martyrs and to your wounded. I call you to leave this city. I hope you do this. ... Please leave so we don't shed your blood, which is our blood."