A magnet is moved away from the coil. Simultaneously another magnet is moved towards coil on its either side, with its polarity given in image.
Will there be any induced emf/current set up in the coil ? If yes, in which direction ?

Dear student,
As we move away the south pole leftward, the left face of loop will try to develop North pole,
Similarly when we are bringing right magnet's north pole near magnet, right face of coil develop south pole.

This way, a clockwise current will induced in the coil.
Regards