ya it is obviously possible, if the two velocities are equal in magnitude and opposite in direction
say for example : a velocity is is going in north with a speed of 80 kmph and another one is moving in south with a velocity of 80 kmph and the result is 0 N because 80+(-80)=0 i took the 2nd velocity as -80 because it is moving in opposite direction to the 1st one .

i hope it helps............  
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