Bhullar is 12-under with leaders Arnaus and Migliozzi at 14-under.
They all took advantage of favourable conditions at Karen Country Club, with Arnaus (65) and Migliozzi (64) carding good scores going into the final day.
One shot off the pace is overnight leader Louis de Jager (70).
Also in the hunt is Kalle Samooja, who is tied fourth.
Still in with a chance of winning back-to-back European Tour titles is South Africa's Justin Harding. The Qatar Masters champion signed for a two-under par round of 69 to remain four back with 18 holes to play.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)