It means that the speaker was saying one thing in public, but he actually intended something rather different. The gesture of making "a nod and a wink" is a secret sign to your own supporters that tells them you're not being entirely straightforward, or you really mean something different. It's a way to reassure them using coded language that they will understand, but the general public won't.
A "theatrical" nod and wink would be one that's really obvious, so just about everybody will know what he really means - but since he doesn't actually say it outright, he can still deny saying it later if he has to.
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