Correct option is C
Given: NTZ, LRX, JPV, HNT, ?

Logic: Letters are decreasing - 2 place.
N - 2 = L, L - 2 = J, J - 2 = H, H - 2 = F
T - 2 = R, R - 2 = P, P - 2 = N, N - 2 = L
Z - 2 = X, X - 2 = V, V - 2 = T, T - 2 = R
So, the missing term is FLR.
Thus, correct option is (c).