The duo moved to 14 under for the tournament at Hillside Golf Club, setting up a thrilling final round.
"I was trying to take a note out of Tiger's (Woods) book... let them try and catch you, but I probably hit two bad shots, and that's it... that's what happens in golf," Wallace, who had a bogey on the 12th hole and a double bogey six on the 15th, said.
"I'm pretty happy with how I handled myself out there today. I'm obviously frustrated with dropping a couple on the 15th. But I showed different character to not let it affect me too much and then step up on the next hole, which is tough."
Kinhult shot five birdies on the day and had an eagle on the 11th and was satisfied with his effort in difficult conditions.
"It was tough in the wind today but I managed to post a good score, so I'm happy," Kinhult added.
"I won the Lytham Trophy a few years ago and it's just right around the corner. I just like to be here. I like how the course is set up. You have to manage your game a little bit different."
Scotland's Richie Ramsay was two shots behind the leaders in third after a round of 71. His compatriot Robert MacIntyre was fourth alongside tournament host Tommy Fleetwood.
(Reporting by Shrivathsa Sridhar in Bengaluru, editing by Ed Osmond)
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