In the Mathura School of Art, Buddha`s images are largely carved in the Abhaya Mudra.

Abhaya Mudra is a hand gesture often depicted in Buddhist art. It symbolizes protection, fearlessness, and the dispelling of fear. The gesture is made by raising the right hand to shoulder level, with the palm facing outward and the fingers extended upwards. The hand is held in a relaxed and natural position, without tension.

The option "Dhyana Mudra" is a different hand gesture commonly associated with images of Buddha in meditation. It is characterized by the hands placed in the lap, with the right hand resting on top of the left hand, palms facing upward.

The option "Dharmachakra Mudra" is a hand gesture associated with the teaching of the Dharma, or Buddhist teachings. It is made by holding both hands in front of the chest, with the index finger and thumb forming a circle.

The option "Varada Mudra" is a hand gesture symbolizing granting of wishes and compassion. It is made by extending the arm downwards, with the palm facing outward and fingers pointing downwards.

Therefore, the correct answer is option 2, Abhaya Mudra.