Answer:
E = q V B describes the electric field induced
E Proportional to V B
while the magnet is pushed into the coil the induced field (B) will increase (consider 1 turn of the coil)
If V is constant the E-field will increase due to increasing B and the galvanometer will deflect accordingly
When V drops to zero the deflection must again be zero
So one would see a blip due to the deflection of the galvanometer
Note that as V increases the galvanometer will deflect one way and then as V drops to zero the deflection will be opposite (drop to zero when V is zero)
B always increases to a constant value because of the properties of the magnet.