Explanation

Minute and second hands coincide every 3600/59 s. In the 7200 s from 2:01 to 4:01 pm the coincidences k×3600/59 with 7260 < k×3600/59 < 14460 give 119 ≤ k ≤ 237, i.e. 119 coincidences. This is option C.