Correct option is B
Logic: In the given coding each letter is increasing and decreasing by 1 place alternatively.
G + 1 = H, E + 1 = F
E – 1 = D, X – 1 = W
R + 1 = S, P + 1 = Q
M – 1 = L, A - 1 = Z
A + 1 = B, N + 1 = O
N – 1 = L, D – 1 = C

So, FWQZOC is correct answer.
Thus, correct option is (b).