i saw it when i was a kid an all i really remember is
1 there was a piece of paper with a hand drawn on it an sum1 draw a line across the hand an a kid holds up his hand an there's a cut just like the line on the paper
2 I'm not totally sure but i think there's something about a magic ring the kid has
3 this I'm not sure at all it could have just been another movie but there were in a basement of what i think is a store or pizza shop when they draw on the papper an the hand is cut but it could just be from another movie
The "magic ring" makes me think your film could be "The Power Within" which came out in the early 90's: a kid finds a magic ring which enables him to become a super fighter.