The VIX on the NSE has recently gone up to 23. Does that make the market more risky and what should be my trading strategy?

What does VIX of 23 mean?

VIX is called the volatility index or the Fear Index. It shows the extent of fear in the market. Normally, markets have given good returns when the VIX has been in the levels of 14-16. This time the market has rallied despite the VIX going as high as 23. Normally market corrects when VIX goes above 20. That could be more because of FII buying in markets. However, a VIX of 23 is a slightly risky situation in the market and does open the gates for a sharp correction at any point of time.

With VIX at 23, is time to sell out?

That may not be required. What a high VIX means is that the upsides may be limited and not that the market is going to immediately correct. Keep a tab on your long positions. Especially, if you are trading in F&O, just limit your leveraged positions in futures to control your risk. Normally, over time, the VIX automatically recedes and even a small correction in the market may be enough for that.