Hiiiiiiiiiii again crazyguy 
well m xtremely srry cudnt give the solution then, as i was in a hurry, n also that the answer is not vsqrt2, but v/ sqrt2, i hav mistaken somewhere that tym, newayz here's the full solution to the problem.....
from the geometrical constraint we can get the relation between the downward velocity of the sphere, 'u' , and ' v '
let l=y/2
=> (dl/dt)=(dy/dt) /2
= v/2 ........(i)
from the figure, x^2 + (l)^2=r^2,
differentiating wrt time, we have,
2x (dx/dt) + (2l) (dl/dt) = 0
=> x u + l (v/2) = 0
thrfore u = l v /2x
thrfore the downward velocity at the given instant, i.e. x=y,we have u= v/2
and now since the speed is asked we hav to consider the horizontal velocity of the sphere also, i.e. (dl/dt), which is v/2.
So vectorily adding both we hav v/sqrrt 2, n in vector form (v/2) (i-j)
Note: constraint relations are only used to find the relation between sppeds and not the velocities(thats y i hav neglected the sign, in deriving relation b/w v n u)