Tel Aviv is the best city for music and concerts lovers. There is a pretty diverse and active alternative scene, and lately the security situation in Israel is pretty mush under control so many bands come here from abroad. One of the best concert venues in the city is the Levontin 7. This place is a basement, and is located next to Gan HaHashmal, that used to be a place for junkies, but now is surrounded by coffee places and designer stores, Between the crowded Rothschild Ave. and the city's neglected southern part. On the upper floor of the Levontin there is a bar that always plays good music, and the basement hosts many different shows on a daily basis, from avant-garde jazz and indie rock to electronic music in both Hebrew and English.
Check the schedule and mark whatever interests you, or just go for a beer in the upper bar and try to listen to what they're playing downstairs before you decide.
Lavontin St 7, Tel Aviv-Yafo