Let us consider tow points on the circuits A and B.

When the switch S is closed, the current will flow through A&B. Due to this magnetic field introduce in the loop.

According to Lenz’s law the induced current is such that it opposes the increase in the magnetic field that induces it.

So, the induced current will be in clockwise direction, and it opposes the increase in the magnetic field in the upward direction in the loop. When the switch S is opened, the current will fall due to this magnetic field in the loop will decrease. According to Lenz's law, the induced current will be in the anti-clockwise direction opposing the direction in the magnetic field in an upward direction in the loop.

If the switch is closed and after some time it is opened again, the closed loop will show a clockwise current-pulse and then an anticlockwise current-pulse