IF statement for Time Ranges

[LISA21]

I have time ranges 7:00AM to 11:59 TIME IN AM, and within the range of 12:00 to 12:59, there is TIME OUT AM and TIME IN PM, and 1:00PM to 4:30 PM time out, I don't know how to make th TIME OUT AM and TIME IN PM appear , because they are in the same interval.
. ,

=IF(AND(D2>=TIMEVALUE("16:30"),D2>TIMEVALUE("16:30")),"4.PM OUT",IF(AND(D2>=TIMEVALUE("5:30"),D2<TIMEVALUE("8:00")),"1. IN AM",IF(AND(D2>=TIMEVALUE("12:00"),D2<TIMEVALUE("12:59")),"PM IN","AM OUT")))

 

[awoohaw]

What is the differentiator? How do you know if the date/time is supposed to be a TIME IN value or a TIME OUT value?
Or is this a consecutive time punch for the same person? If so, what happens if they forgot to punch out, or punch in?