It’s basic, but handy: You probably already know that you can navigate to a file’s enclosing folder by selecting the file in the Finder, then selecting Go -> Enclosing Folder. That Go menu item also shows you a shortcut keystroke combo—Command-Up Arrow—that’ll do the same thing. But if you do a search in the Finder, then select one of the found files in the search results window, the Go -> Enclosing Folder menu item will be grayed out.
As an alternative, many of us use the Open Enclosing Folder item in the Finder’s contextual menu; you could also select the file, then double-click on its parent folder in the path list at the bottom of the search results window.
But it turns out you can also use that keyboard shortcut—Command-Up Arrow—in search results lists, even if its associated menu item is grayed out. Note that this also works in smart folders (which, after all, are only saved search results).