Varadamudra is a mudra

Mudra

A mudrā is a symbolic or ritual gesture in Hinduism and Buddhism. While some mudrās involve the entire body, most are performed with the hands and fingers...

, and it indicates a gesture by the hand and symbolizes dispensing of boons. For varadamudra, left hand is used. It is held out, with palm uppermost and the fingers pointing downwards. Varadmudra and abhayamudra

Abhayamudra

In the context of Hinduism, Abhayamudra, that is, the gesture of reassurance and safety, is a hand pose, which dispels fear and accords divine protection and bliss to the devotee. In Abhayamudra, the right hand is held upright, and the palm is facing outwards...

 are the most common of several other mudras seen on images and icons

Iconography

Iconography is the branch of art history which studies the identification, description, and the interpretation of the content of images. The word iconography literally means "image writing", and comes from the Greek "image" and "to write". A secondary meaning is the painting of icons in the...

 relating to Indian religions.