I read yahoo search algorithm is merged with Bing? so can we expect the same search results in both search engine or it will vary ?
It will be the same. You could have gone to both sites and entered the same phrase and checked it out yourself though.
It will be the same,as Jackderips puts it,you can perform the same searches with the two search engines and compare the results. It will give you a true picture of what to expect. Good luck!