It is no better than what James006 has posted but might be a bit easier if you ever have to amend the times to use Timevalue...
Code:
Sub TestT2()
If Now - Int(Now) > TimeValue("05:40") And Now - Int(Now) < TimeValue("17:40") Then
MsgBox Range("D1").Value
Else
MsgBox Range("E1").Value
End If
End Sub
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