Take milk in a utensil with heavy base and allow it to boil.
Cut cashews in a small pieces and pistachios in thin pieces. Peel and make coarse powder of green cardamom.
Stir milk after every 1-2 minute and cook until it gets thick and half in quantity. Now add chopped cashews and pistachios in milk. Allow the milk to thicken. Also add powered sugar and cardamom powder in the milk and mix. Boil milk for another 1-2 minute.
Take off milk from flame and allow it to cool. When milk comes to room temperature, store it in a air tight container and place it in deep freezer for 6-8 hours.
When kulfi gets set, take it out from freezer and serve kulfi immediately within 10 minutes.
While making malai kulfi make sure to boil milk and stir constantly until it gets thick in consistency. Also keep in mind, milk doesn't gets burned else kulfi will not taste good.