Hi Srinath,

As you need once in a day day referesh, it would be better to use Log Shipping which a very robust and proven solution for the DR.

If you need realtime data synchronization, use Database Mirroring.

In both the cases you can do the Manual/Automatic Failover (DB Mirroring) to switch back to the actual prod server from the DR server.

http://www.sql-server-performance.com/articles/clustering/log_shipping_70_p1.aspx

http://www.sql-server-performance.com/articles/clustering/mirroring_2005_p1.aspx

Thank You,

Best Regards,

SQL Buddy.