Yes, you can connect two datareader to the same datasource, but one mainthing is close the first datareader before using second one then only it's possible.
The point is, we can have any number of datareaders to the same datasource, but only one of them could have an active connection at any point of time.
It is possible using MARS (Multi Active Record Set) in VS 2005. We have to set MARS =True in the connection string, so that we can use 2 datareaders for a single connection