The correct option is A Follicular phase ⇒ ovulatory phase ⇒ luteal phase
The first phase of the menstrual cycle is the follicular phase. During this phase the ovarian follicles mature and Graafian follicle is formed. The estrogen hormone produced by the follicular cells rebuilds endometrium of the uterus which was lost during menstruation. Hence follicular phase is also called proliferative phase as the endometrium regenerates through proliferation.
This is followed by the ovulatory phase.
Ovulatory phase basically denotes the phase of ovulation i.e. rupture of Graafian follicle under the influence of LH.
Luteal or secretory phase is the post ovulatory phase i.e. it occurs after ovulation. During this phase, the corpus luteum is formed which produces progesterone.