1. Start new document with 250 width and 250 height. Create New layer. Select Ellipse Tool from toolbar and draw an ellipse.
2. Create New layer and select gradient tool and edit gradient colors as below.
3. Select Reflected gradient and apply gradient from top left to lower right.
4. Add these Blending effects
5. Again select ellipse tool and draw another ellipse but this time smaller like this. Name this circle as Inner Circle.
6. Add Inner Shadow:
7. Select inner circle and contract it by 3 px, create new layer and apply foreground to transparent gradient from bottom . Make sure that white is set as your foreground color.
8. Change its mode to soft light and down its opacity up to 50%.
9. Set White as your foreground color. Select Ellipse Tool and create a small ellipse for reflection like this:
10. Change its layer mode to soft light and down its opacity to 30%. Duplicate this layer and move it to other side as shown below:
11. Again select Ellipse Tool and set white as your foreground color, Draw an Ellipse at the bottom of the Inner Circle. Again select Ellipse Tool and select "Subtract from Shape Area" from Ellipse Tool bar. Now Cut the Ellipse like this:
12. Change its Layer mode to soft light and down its opacity up to 30%.
13. Set #FF0099 as your foreground color. Create new layer. Select 65 Soft Round Brush, enable air brush capabilities and apply air brush to the new layer once. Change its layer mode to overlay and down opacity to 70%.
14. Again select Ellipse tool and white as your foreground color. Create Small Ellipse at the upper portion of the Inner Circle. With the help of Direct Selection Tool(or press A) and bend it from bottom middle to get this shape:
15. Again change its layer mode to soft light and down its opacity to 70% My Final Result:
More Tutorials: 
