Is there any negative impact on link reciprocal .. or its fine ?? I know much weightage is given to one way link.. but what about reciprocal?
You will get differing opinions on this. Some people think it's the end of the world. Reciprocal links have their place in the link building world, but they should be part of a larger link building campaign which includes tons of different methods of gaining links. Anyone large amount of one type of link doesn't look good to the search engines. Diversify, and you should be fine. One of my niche sites has 6 reciprocal links, and I just shot up from no being index, to like 67th, to 28th, to 19th, and yesterday I was #6 in google for my main keyword. All of that within a month, and the reciprocal links have been there since the first week.
Reciprocal links do not carry as much weight as one way links and if you have too many outbound links on one page you may get punished by google. You should focus on other methods of building backlinks as well.