Panalunan isn't really used. It is *napanalunan* which roughly translates to "prize". More literally, "what was won". It can also be a verb is a sense that "it was won". Napanalunan nila ang bidding. They won the bidding.
Tagalog also use conjugation to create nouns. Example: upuan(chair) is from "upo" (sit). Upuan literally means "a thing to sit on"