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 anticlockwise when the switch S is closed. When the switch S is open, the current will suddenly fall. Then the magnetic field at the centre of the loop will decrease. Then the induced emf will be in the clockwise direction.

If the closed loop is completely enclosed in the circuit containing the switch.