Take a heavy bottom pan (wide in diameter) and add the milk and bring to a boil.
Reduce the flame to medium to avoid spill over and keep stirring intermittently. Add 1/4th cup fresh cream and mix well
Take around 1/4 cup of hot milk from the pan and mix the saffron strands and let it rest for around 10-15 minutes till it is fully dissolved in milk.
Keep cooking the milk on medium flame while stirring intermittently and scraping the milk solids from the side of the pan. The milk must reduce to almost half of the quantity. This would take approximately 45 minutes from the start time.
Now add the saffron infused milk and mix well.
Add 5 tablespoons of sugar to the milk and stir well. Cook for further 5-8 minutes while stirring in between.
Turn off the heat and add the chopped pistachio nuts. You could add a pinch of cardamom too if you wish. Cool this mixture completely till it comes to room temperature.
Transfer the reduced milk in kulfi moulds of your choice and optionally cover with cling film and close the lids tightly. Freeze them overnight or a minimum of 8 hours.
Before serving, insert an ice-cream stick in the kulfi. For taking the kulfi out of the moulds, use your hands to rub the mould for few seconds and then slightly pull the ice cream stick out.