The S&P/ASX 200 Index (ASX: XJO) has had a rough few weeks, to be sure. Since 2 March, the index has fallen by a rather nasty 7.6%, which is about the same as its average annual gain. That drop has, of course, dragged down the value of many ASX shares. It's a pretty significant drop, given that the ASX 200 is, at today's 8,500 points, back at a level it first hit in early 2025.
Now, no one knows what's next in store for the index. Saying that, I would be willing to wager that the direction the Australian markets take over the coming few months will largely be dictated by what happens in the US-Iran war. I wouldn't be surprised either way: the ASX 200 could rally by 10% by the middle of 2026, or fall by another 10%.
If the latter scenario happens, I've already got my ASX stock watchlist ready to go. After all, market downturns have always been great opportunities to pick up shares of quality companies at bargain prices.
With that in mind, here are two ASX 200 shares that I'll be thinking about buying if we see the ASX 200 give up another 10% in the months ahead.
Image source: Getty Images
Two ASX 200 shares I'd buy if the market fell another 10%
First up, we have Telstra Group Ltd (ASX: TLS). I was a Telstra shareholder for many years, but sold out of my position when the company went well over $5 a share. At $5.30 at the time of writing, I don't think I'll be buying back Telstra any time soon. That said, I think this ASX share is one of the most dominant businesses on the market, with a powerful brand, a superior network, and formidable pricing power. It also tends to pay a large and reliable dividend.
I would consider adding Telstra back to my ASX share portfolio if the telco suffered a significant correction, which could well occur if the ASX 200 drops by 10% or more.
Next, let's talk TechnologyOne Ltd (ASX: TNE). This ASX tech stock was a former market darling before suffering a significant pullback over the back half of 2025 and in the first two months of 2026. TechnologyOne delivers incredible numbers every six months. Back in November, investors learned that this company recorded revenue growth of 18% to $554.6 million, as well as a 19% surge in profits before tax to $181.5 million.
Unfortunately, I missed out on the chance to pick up shares of this impressive tech stock when it hit a new 52-week low of just above $20 per share in February. If the market drops another 10% and TechnologyOne returns to that kind of pricing, I won't make the same mistake again.
