Later type full width cast iron type* has a stub axle carrier supporting the chainwheel bearing. The bearing is held in place by the circular retainer, looks like a big washer, 42 6105. Wheel hub bolts to the chainwheel, so lateral stability is governed by this bearing and its support.
Checking the basics for loose nuts and bolts is taken as read, certainly the bearings are number one suspects, could be you have an assembly problem with spurious parts, spacer or even a bit missing. Loose bearing retainer in the wheel hub, worn bearing housing also possible.
Service Sheet 212E provides a poor line drawing cross section of the hub. Use Drags online catalogue for basic part schematic diagram. There should be no lift, rock or sideways movement in the hub assembly.
Swarfy.
* Variant indicated by current bikes owned.