Yes, it is possible, if every minute is calculated and you have a sightseeing plan handy. To maximize the time output, take an overnight trip to Manali and hire a private tempo traveller from Delhi to Manali. You will reach Manali in the morning. You can also take a flight for Bhuntar Airport- Kullu.
Make sure to make advance booking of hotels in manali to save time for searching them and close a good deal. In peak season, it is tough to find a good hotel in your budget and preferred place.
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