Fabrizo, as I just commented in one of your other questions Google Panda is now part of the standard Google algorithm and it isn't a periodic update. You said you were waiting for the next panda update in order to make a recovery. I don't think this is going to work anymore.
A bounce rate of 45% is a very high bounce rate in my opinion. Is this for all pages, the home page, product page?
Where is the bounce rate the highest? From direct traffic, referral traffic or search engine traffic?
I think that two things are not very good for your rankings:
1. You are not being found on your products since they are no-indexed.
2. Bounce rate is one of the metrics Google Panda misses. A bounce rate this high is an indicator to Google that users are not finding what they are looking for at your site. If a user types in a query, clicks on your site, goes back to google and clicks on one of your competitors and they look like their site then it is a clear signal to Google that the other site is more relevant for the user on a given query. If this happens a lot then they can lower your rankings.
Try to find out where the bounce rate is coming from and try to give us here some more information which we can help you with. If anything was unclear, let me know.