Equal currents of magnitude I travel into the page in wire M and out of the page in wire N. The direction of the magnetic field at point P which is at the same distance from both wires is

The direction of the magnetic field on point P, equidistant from both wires, and having equal magnitude of current flowing through them will be pointed perpendicularly away from the direction of the wires.

Explanation:

Using the right hand grip, the direction of the magnet field on the wire M is counterclockwise, and the direction of the magnetic field on wire N is clockwise. Using this ideas, we can see that the magnetic flux of both field due to the currents of the same magnitude through both wires, acting on a particle P equidistant from both wires will act in a direction perpendicularly away from both wires.