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Stocks in Russia rebounded Wednesday, rising 1 percent on the heels of a selloff after Turkey downed a Russian warplane near the Turkish-Syrian border. And some traders say there's still opportunity to be found in the initial negative market reaction.

"Russian stocks are more dependent on resource prices rather than geopolitical tension. Given the pop in oil, today's selloff could be a bargain hunt," Boris Schlossberg of BK Asset Management said.

Read MoreRussian jet incident boosts geopolitical premium in oil

Crude oil gained more than 2 percent on Tuesday, spurred by the potential for more geopolitical risk in the Middle East. Although the region will likely see heightened political tension, Schlossberg said it's unlikely that either side will take military action.

"Fallout should be limited. But then with Putin, you never know how crazy it can get," he said.

Russian President Vladimir Putin called the downing a "stab in the back" that would have serious consequences.

The Market Vectors Russia ETF, RSX, closed down 1.7 percent on Tuesday.

But Larry McDonald of Societe Generale said Russia still looks attractive compared with other emerging markets. McDonald said that low credit risk, a recovery in oil prices and an increased chance of sanctions against Russia being lifted after recent ISIS terror attacks, point to long-term gains in Russian stocks.

Thanks to these positives, McDonald said Russian stocks will likely shake off losses from short-term headline risk reactions.

"Overall there has been amazing resilience in Russian equities this year, dramatically outperforming emerging markets for the most part, as well as the United States," McDonald said Tuesday on CNBC's "Trading Nation."

RSX has risen more than 18 percent year to date.

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