Step 1: Create a new document using these settings

Step 2: Use the Gradient Tool(G) with Spectrum option and Radial Gradient type as shown below  

Drag and drop your mouse from the center to the bottom right of your image

Step 3: Go to Filter > Artistic > Plastic Wrap and use the following settings

Now our image looks beautiful! But we will do one more step to achieve better result.

Step 4: Duplicate your layer (background) by pressing Ctrl-J. Double click on it to open the Layer Style dialog box 

In the General Blending, select Screen as your Blend Mode

Finished! Here are our colorful rings:

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