Unable to display Correct Text with Time reference

Column B and C are opening and closing times of an exchange. For instance Product A exchange opens at 2300hrs and closes at 2140hrs the next day (or the exchange remains closed between 2140hrs and 2320hrs everday). Product B opens at 0710hrs and closes at 1620hrs. If the Time Now (Cell H1) is in between the opening and closing hours I would like to display that as "ON" in column D.

I have tried combinations of AND and if functions along with subtracting times but no joy. Any help would be appreciated. Thansk