Ingredients 

1 1/2 cups+1 tbsp whole milk
2 tbsp sugar 
7-8 strands saffron 
2 tbsp Milk powder
10-12 Pistachios (thinly sliced)
4-5 almonds (thinly sliced)
1/8 tsp Cardamom powder

Step 1:
Add the milk to a heavy bottom pan and bring to a boil. Once it starts boiling take 1 tbsp of milk from it to soak the saffron. Throughout the process use medium low heat to boil the milk.

Step 2:

Once the milk starts to boil add the soaked saffron mix well. As it forms a top layer move it to sides of the pan. Keep boiling and stirring rest of the milk for around 10 to 15 minutes, moving the top layers to the sides as and when it forms. 

Step 3:
Once the milk reduces to half add in the sugar and let it boil for 2 more minutes. Then add the pistachios and almonds and mix well.

Step 4:
Add the milk powder mix thoroughly to avoid clumping. Boil for another 2 minutes stirring continuously. You will notice the milk starting to thicken. Turn of the heat. at this stage.

Step 5:
Let the basundi cool for 5 to 10 minutes and scrape the sides of the pan and mix it with the milk. It will thicken further as it cools.

Step 6:
Refrigerate for at least an hour before serve. This tastes the best when chilled.

Tip:

In order to attain a bring color from the saffron, grind the saffron strands using a mortar pestle. In the below images you can see a clear difference between just soaked saffron stands vs soaked and ground saffron. This way you will need way lesser saffron to enhance the flavor and color of the dishes.