Soak almonds, cashews, and fennel seeds in warm water for 1 hour; peel almonds.
Grind soaked ingredients with black pepper and cardamom into a smooth paste.
Boil milk with sugar, stir in ground paste, and simmer for 5 minutes.
Remove from heat, add rose water, and chill in refrigerator for 2 hours.
Strain or serve directly chilled.