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The 2 lower priced red-dots that you should consider are the Bushnell TRS-25 and the Primary Arms Micro. They both go for about $80 and then another $10-$50 depending on how fancy you get with the mount. Reviews on both of these are very favorable in general, and fairly exceptional when you consider the price. They will both do exactly what you want.
Moving up in price and features, the Vortex Sparc. Vortex just released their Gen2 Sparc, and I think I've seen a couple sales on the Gen1 for around $150. Their Strikefire model is about the same price but a different design, a much larger and heavier Aimpoint Pro Clone.
Moving up in price and quality, you should be able to find an Aimpoint Pro or Eotech (I forget which model is the "lower end") for around $350 on sale, perhaps a pinch more after shipping. However, if you're going to spend that much, there are tons of quality scopes at that pricerange with illuminated reticles.
Also, you've got the major holiday sales about to start, pre-Thanksgiving stuff is just around the corner, and then the Black Friday ads, etc... So if you could hold out for a month, you should see some savings and deals.
I know I've seen that Bushnell TRS-25 for $59 before.
On the other hand, you are talking about a hefty centerfire bolt-action... are you sure you want a red-dot on that old classic? Sounds kinda blasphemous.
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