Gary Boyd, who lost in a play-off last year, is fifth at seven-under with three more holes to go.
Fisher had made only one cut in his first 21 starts before finishing 35th in Sweden and 45th in Ireland last month. After two rounds he was tied third with a five-under par 67.
Bhullar started on the 10th and immediately opened with a birdie and followed that one with another on 12th and topped it by holing his second shot on 13th to be four-under after four.
As if that was not enough, the Indian holed birdies on 15th and 16th to be six-under after seven holes and he turned at that score. On the second nine, he birdied the first and dropped his only shot on seventh but quickly birdied the closing hole on ninth for the week`s best card of 64.
Another Indian in the fray, Jeev Milkha Singh completed 13 holes and at two-over was lying 51st.
Shiv Kapur, who had a fine first round at 70, just missed the cut with a 77 in the second round at three-over. The cut came at two-over.
Bhullar at the halfway stage was the best Indian at tied 32nd with a second round of 74. Jeev had a second round of 75 and just made the cut at two-over.
In the second round Bhullar had a terrible opening with three bogeys in the first four holes and then a birdie on fifth followed by a bogey on sixth. He turned in 39, but had two birdies and one bogey on back nine for a 74.