File -> New

2) Type some text. Here I am typing “ReflectioN” . You can also change font and color of the text.

3) Now we have to create dublicate layer of step 2. Right click on layer -> select “Dublicate Layer”

4) Select dublicate layer. And flip it vertically.

Edit -> Transform -> Flip Vertical

Drag the image downward. It should look like this.

5) Right click “Reflection copy” layer and select “Blending options” and than select “Gradient Overlay”.

6) Check “reverse” box. Click on gradient color bar. Select left color same as the color of original  text. Select right color same as the color of background. Here text color is black and background color is white. Click OK

7) Hold mouse at bottom of inverted image and slowly mode the mouse upward. Drag mouse until you get something like this.

You can also change opacity of reflected image as per requirement.

This is how you can do reflection in photoshop. Here I have done reflection of text, in similar manner we can also do reflection of images.