Find the correct option from the choices given below to complete the series:…

Answer: CL

In each term the two letters move independently.

First letters: H, G, F, E, D form a chain decreasing by 1 each step (H-1=G, G-1=F, ...), so the next first letter is D-1 = C.

Second letters: V, T, R, P, N form a chain decreasing by 2 each step (V-2=T, T-2=R, ...), so the next second letter is N-2 = L.

Combining the two, the missing term is C followed by L, i.e. CL.