The correct option is
D Luteal or Secretory phase
The menstrual cycle can be divided in the following phases:
a) Menstrual phase: In this phase, the endometrium of the uterus is shed and it continues for 3-5 days. The levels of hormones are the least in this phase.
b) Proliferative phase: This phase is also called the follicular phase and is marked by the development of the primary follicle in to the secondary follicle under the control of the Follicle Stimulating Hormone (FSH) released by the pituitary gland.
c) Ovulatory phase: The release of secondary oocyte from the Graafian follicle is called ovulation. It occurs under the effect of the Leutinizing hormone (LH) secreted by the pituitary gland.
d) Luteal or Secretory phase: The Graafian follicle is changed into the corpus luteum which secretes large amount of progesterone required for the maintenance of the endometrium. The ovarian follicles are also secreting estrogen. The level of FSH and LH decline during this phase. It starts from the day 17th and continues till the next menstrual phase.
The given graph shows elevated levels of the progesterone and estrogen but the levels of FSH and LH are lowered, hence, the luteal or secretory phase is depicted in the figure.
Hence, the correct answer is 'Luteal or Secretory phase'.